If I flop a set and there are 3-4 players in the hand and obvious str8 and flush possibilities, overbet the pot or push. It is best to win a small pot than lose a big one. If you get your $ in with the best and they draw out then you can still tell yourself you made a good play.

If it is heads up, I don't fear the draws so much and will just play straightforward. Even if the draw gets there, then it is an opportunity for you to bluff at it.

The problem is, if you bet 3/4 pot at .50/1 game it is only 3-4 bucks, which is not enough money to weed out the "gamblers" who will chase. If you blast the pot, and they chase you are gambling that they will come along and your hand will hold up.

I think of myself as a winning player and at lower limits I will chase even getting poor odds just to tilt people and take advantage of implied odds. Often people won't lay down a set even when it is obvious that you made your draw. Even if I lose, i'll just rebuy and tighten up and get paid off later.