I hope this thread keeps evolving - I was going to write one of my own on Omaha Hi/Lo but instead I'd thought I'd put my comments in here. I have now switched mainly to playing Omaha because I was having a big problem of being quartered whether it's for the low or the high. Generally, I was heading to the showdown with more than one opponent and the one going for the lo or hi with me was raising pot and then another was raising pot and I was bleeding chips. Anyway here are my ideas - may be stating the "blinking obvious" but they were lessons hard learned - comment as you think fit...
Omaha Hi/lo pot limit
Good hands to play
1) Suited Ace especially if coordinated either with other high cards or 2 or 3 - not really worthwhile if you have 4 of the same suit
2) All low cards under 7
3) Straight forming hands where top 2 cards are consecutive - includes one pair e.g JJT8 is a reasonable hand if you know what you are doing.
4) 2 cards lower than 6 and a 6 - often you have nut low and also a crack at the high straight.
Hands that often spell trouble
1) high pairs even if AA if not played aggressively exception is a corodinated hand such as Ac5cAd2s where there are other obvious possibilities.
2) showdown flushes against strong betting other than Ax or Kx
Watch The table - betting
1) who raises preflop and with what cards - A2xx and AAxx are the common hand combos but see whether any thought goes into the other cards. Any other preflop initial raises should be noted. I saw one player raising pf with TTxx in a multiway pot!
2) betting patterns after the flop - who bets; who checks when should bet; who bets the nut low draw. All this info can be used against the opponent(s).
3) whose calling the flop, turn or river with bad odds; they will call you when you have the pot wrapped.
Paired Boards
When the board pairs be aware that the complexity has gone up an order of magnitude, especially if the pair is higher than your pair. say you have 77 and the board pairs on 5th : 8 7 J Q J. This looks good but there are many hands that beat you JJ, QQ, QJ, 88, J8, J7 . If you have QQ in that situation only JJ beats you.
Redraws
You may be winning but be wary of betting without redraws e.g. A2KJ and board is 368K. You currently have the nut low but an ace or 2 defeats this. Caution is really needed here.
Avoid
1) drawing to the second best hand.
2) re-raising (or even calling) with the second best hand in a multiway pot
Luck
Always have good luck