That's no justification for playing that hand... almost all the hands that you play in Omaha H/L are ones with strong low potential - and that isn't one of them. Think about it. Unless you get both the Ace and the 3 (as you luckily did), then you will never have the nut low hand, and unless the Ace hits you won't even have the 2nd best possible low hand either... it's got minimal potential to make a good high hand, so in all you'll generally make little for high, and a 3rd best or worse low (if a low hits at all). You happened to get lucky with the flop hitting perfectly giving you a wheel, and then your play was fine.
On the river someone could have made a higher straight, but would have lost to your flush, so the community cards were just perfect for you, and would have given you a good pay off even in a cash game.
The danger with making a wheel is when you find you're splitting the low, and someone makes a flush or a higher straight. Fortunately for you, you made a flush draw, so even if it had have been wheel against wheel, you'd have got 3/4, but when you make a hand like that when it gets to 3 players or less, then look at the cards to see whether you're playing for half or all the pot. Here, you're playing for all (with no better straight possible until the river, and the river giving you a strong high as well), but sometimes you'll need to be a little more cautious about capping the betting.