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The overlimp is fine, although you can also isolate the utg limper. I think I prefer an isolation if you believe it will work, since your hand is somewhat strong, so you really don't want 3 or 4 people seeing the flop with you. There's no point raising to isolate and bloating the pot though if there are people behind you who will call anyway, but that may just be a matter of sizing - if there are very loose people behind you and you want to isolate utg, you could try making it really big, like 7bb or whatever.
With like 44 or 55, your hand is weak enough unimproved that you don't really mind a multi-way pot and in fact prefer it for implied odds, in which case an overlimp becomes preferable in MP, or in LP with multiple limpers, but I'd still isolate if it folded to me on the CO or BTN since you might as well get the blinds out of the pot if they haven't got much of a hand and get some dead money in the pot to take down with a cbet.
The flop is OK, but I prefer raising the SB to about $0.35 to $0.40 - you've got to assume at that point that you've got the best hand until they let you know otherwise, and you want value for it - you also have a hand that is easily outdrawn, so you'll prefer to get the button out of the pot, and quite often you'll just take it down right there with a raise before an overcard turns and you don't know what to do any more.
As played, folding the flop when it comes back around 3bet is definitely right.
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