I played in the Stud H/L event at the WSOP
this year, where I finished 448th out of 788. It was alot different playing the game in person than online (where I mostly learned to play it).
Online the competition isn't as stiff, so I like to try and get 3 or 4 people in a hand and play for the Lo and also try to Scoop (win the Hi and Lo). As for starting hands, it really depends on the cards that your opponents have that you can see. For instance, if you have 3 diamonds but there are 3 other diamonds that you can see, you need 2 of the remaining 7 diamonds in the deck to make your flush. If you have a pair of Queens and you see another Queen is gone, there is only one left so you'll probably have to throw the pair away.
Alot of your decisions are situational and the more you play the game the more you'll pick up on what to do and when. I'd suggest finding a site that has some Stud H/L freerolls
or low limit buyins. PokerStars
has a freeroll on Saturdays at Noon Eastern. Bugsys Club has a $1 tourney every night at 11:15 PM Eastern.
Good luck learning the game, it's alot of fun to play.