88 vs a min 3bet from sb and a cc from (original raiser) utg??

[valdiesel]

I've been running at about 19/16 and opp who 3bets has been playing a ton of pots (86/27) and UTG just sat down.

Questions are below

Full Tilt Poker - No Limit Hold'em Cash Game - $0.25/$0.50 Blinds - 6 Players - (LegoPoker Hand History Converter)

SB: $62.85
BB: $40.00
UTG: $70.90
MP: $48.50
Hero (CO): $50.75
BTN: $49.25

Preflop: Hero is dealt 8[img]/images/graemlins/club.gif[/img] 8[img]/images/graemlins/diamond.gif[/img] (6 Players)
<font color="red">UTG raises to $2.00</font>, MP folds, Hero calls $2.00, 2 folds, <font color="red">BB raises to $3.50</font>, UTG calls $1.50, Hero?

1)are we calling for set value?
2) What kind of odds do we need to call?

Flop: ($10.75) 3[img]/images/graemlins/heart.gif[/img] J[img]/images/graemlins/diamond.gif[/img] J[img]/images/graemlins/heart.gif[/img] (3 Players)
BB checks, UTG checks, Hero?

3) Should we take a stab here?

Turn: ($10.75) T[img]/images/graemlins/spade.gif[/img] (3 Players)
<font color="red">BB bets $5.00</font>, [i]

4) This bet is kinda weak???