O8 is an easy game to make money at. However, you can't just be chasing the low.
While a ton of hands can qualify as starting hands, you have to have the discipline to fold on the flop as the OP said. If all you're going for is a low, even the nut low, then you're leaking chips. You need a straight draw or backdoor flush draw (to the nuts) to even consider staying beyond the flop.
However, when I run into those clowns who think AAxx or KKxx are the bomb, I'll often call with pretty much anything. That's because they tend to push the betting for me when I have the better draw. Then, when my 7-high straight hits and I have the low as well with the third nut they tilt and spew even more chips because their "AA got cracked." lol