50NL flush draw plus bad gutshot

[stealyourface]

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

SB: $46.10
BB: $88.75
UTG: $99.40
MP: $51.95
Hero (CO): $60.60
BTN: $48.00

Preflop: Hero is dealt 9[img]/images/graemlins/diamond.gif[/img] 8[img]/images/graemlins/diamond.gif[/img] (6 Players)
UTG calls $0.50, MP folds, Hero calls $0.50, <font color="red">BTN raises to $2.75</font>, SB folds, BB calls $2.25, UTG calls $2.25, Hero calls $2.25

Flop: ($11.25) K[img]/images/graemlins/club.gif[/img] T[img]/images/graemlins/diamond.gif[/img] Q[img]/images/graemlins/diamond.gif[/img] (4 Players)
<font color="red">BB bets $11.25</font>, UTG folds, Hero???

I think an argument can be made for raising, calling, and folding. I would like to hear your thoughts.