As Omaha is a drawing game, I recommend a slightly loose/aggressive playing style. I only play PL or NL.
Here are some basic premises that you are looking for to come into a pot.
1. Any hand with A/2 is worth a min raise.
2. The best hand in Hi/Lo is AA23 double suited. [that way you're not counterfeited]
3. The most averaged winning hand in Hold 'em is 2 pair. In Omaha, it's at least a straight.
4. If you flop the nuts, odds
are that a better hand will come on the turn/river.
5. The second nuts is worth a bet if you have a chance of scooping the Hi and the Lo.
6. Three of a kind in your hand is almost an auto fold unless you have position and it's aces with a 2.
7. Strong bets can knock out someone with a low, but very rarely will it knock out the hi.
8. Tight players wait until they have A2 to come into a pot. If there is no lo possible, you can usually get them to fold with bets on the turn/river.
9. Suited connectors are extremely strong.
10. I'd rather have a double suited hand than a hand with two non connected pair.
11. More than three of a suit in your hand, proceed carefully. You better have something else going for it, connectors or a pair.
1. A,2,3,4,8 is a better hand than 2,3,4,5,6.
2. The hand is ranked according to the lowest card, not the highest. That's why A2 is so valuable.
3. The wheel has a chance to scoop the high and the low.
4. I love to play a hand like A2,3,4 A,2,4,5. etc etc. A,3,4,5.
1. AKAK double suited is the best hand in Omaha Hi. It's also a strong hand in Hi/Lo though you better hope that the board doesn't have three cards below 8.
2. Don't fold to a value bet on the River. The bettor might only be betting for the hi or the lo. It's up to you to watch betting patterns.
3. Continuation bets aren't as effective in O8.
4. Small bets to increase pot size when you have the nut low are extremely effective.
5. Getting quartered is not something that you have to be extremely worried about at low limits, but something you need to factor in when people go all in.
6. This is for the .10/.25 game. Some people have the bad habit of pushing all in for their entire stack [$25]. Ignore them. It's not worth losing yours unless you have an extremely strong hand. I'll almost guarantee that they have AA2J or something of that ilk.
I'll try to post again in a little while with some more notes.