Interesting Draw with situational questions

[DP388]

This is a hand that a friend of mine (BulldogMafia) was involved in and it brought up some interesting questions about how to play this hand and big draws in general. I'll hold off on our opinions until there is some feedback.

This is a $20/180 with about 20 players left. Assume no reads (he didn't give me any).

PokerStars No-Limit Hold'em Tourney, Big Blind is t1200 (7 handed)

Hero (t12234)
BB (t7041)
UTG (t7150)
MP1 (t9554)
MP2 (t19833)
CO (t31417)
Button (t14175)

Preflop: Hero is SB with 7[img]/images/graemlins/diamond.gif[/img], Q[img]/images/graemlins/diamond.gif[/img].
UTG calls t1200, <font color="#666666">2 folds</font>, CO calls t1200, <font color="#666666">1 fold</font>, Hero completes, BB checks.

Flop: (t4650) T[img]/images/graemlins/spade.gif[/img], 9[img]/images/graemlins/diamond.gif[/img], J[img]/images/graemlins/diamond.gif[/img] <font color="#0000FF">(4 players)</font>


Some of the questions that came up as we were discussing it:

1. Do we want a call or do we want a fold? This is a question specific to this hand, but also big draws in general.

2. What hands are we putting UTG and CO on?

3. What is the best line here based on #1 &amp; #2?

4. Is there a case for folding pre-flop?