I agree that a small set makes for a wonderfully well disguised hand, but if you're going to be calling 4 or 5 BB's, then you'll need to get paid of very well (and / or very consistantly) on the one in 8 occasions when you hit a set if you are to profit from the strategy.
Believe me, if you hit a set at 1c2c then your getting paid off. Probably by more than one person as well. At this level people will call any size bet with any pair and any draw no matter what price their getting and no matter how many players are in the pot.
Ive been 6-8 tabling this level for the past 4 days for a little challenge and also because Ive been losing lately. Even though i am rolled to play way higher than 1c2c, i want to make sure i can beat every level before moving back up.
Straight forward tight play works. Seriously, just wait for any decent hand and you get paid off.
I'm running at 20BB/100 over 3,200 hands which i think is definitely sustainable. I would actually be up $6 more if it wasn't due to AA losing twice and QQ losing to AQ (all 3 hands were Allin preflop).