Pot Limit Razz

[dismalstudent99]

My friend hosted a cash game that included pot-limit razz (with antes = 2/5th of bring-in). Driving to the game, I told myself to play ultra tight and to keep the pot small and to bail out if I brick even once. Ha... so much for that plan.
During the game, people were playing loose and somewhat aggressive. When I thought I had the best hand/draw, I didn't want to let someone draw out on me for free, and I also didn't want to get bluffed too easily.
So I played as I normally would, except my betting/raising grew progressively in size.

I lost quite a bit.
One time, I lost my whole stack having played 63/2A22/2
against a loose player with a board that looked something like 86TJ. I bet on 3rd and 4th. She bet (less than 1/2 pot) into me on 5th and again on 6th street (about 1/2 pot, which put me all-in).

Question:

Regardless of whether my calls were correct, is pot-limit razz a total crapshoot? If so, why exactly? Why isn't it normally played PL?

It seems to have a terribly high luck factor, but I'm trying to figure out the exact reason why this might be so.

My guess is that it has to do with the fact that you need 5 cards to make a hand, and any 4-card draw can brick big time. That the "lead" changes so suddenly, meanwhile the pot-size/limit grows.

Thoughts?

Would any of you guys be willing to play PL Razz for any reasonable stakes against loose aggressive players?

BTW, I'd like to at least encourage the host to play Razz in "Mississippi Stud" format (4th and 5th dealt together, river card up), but he's the host...

Also, as an "advanced" question, what pot odds would I need to call on 5th?

thanks,
-ds