[Omaha] My exit hand yesterday

Giant811

Player	Action	Cards	Amount	Pot	Balance
splashies	Small blind		300.00	300.00	25456.25
IRISHROVER	Big blind		600.00	900.00	13253.75
	Your hole cards	5 A K 3
cobweb	Call		600.00	1500.00	46887.50
RAB642	Raise		1200.00	2700.00	53368.75
Giant811	Call		1200.00	3900.00	8971.25
samalfie	Call		1200.00	5100.00	24817.50
splashies	Fold
IRISHROVER	Call		600.00	5700.00	12653.75
cobweb	Call		600.00	6300.00	46287.50
Flop
		7 6 4
IRISHROVER	Check
cobweb	Bet		6300.00	12600.00	39987.50
RAB642	Fold
Giant811	All-in		8971.25	21571.25	0.00
samalfie	All-in		24817.50	46388.75	0.00
IRISHROVER	Fold
cobweb	All-in		39987.50	86376.25	0.00
cobweb	Unmatched bet		21470.00	64906.25	21470.00
cobweb	Show	5 A 8 8
Giant811	Show	5 A K 3
samalfie	Show	7 5 A 9
Turn
		J
River
		3
cobweb	Win	Straight to the 8	64906.25

Giant811

In hindsight I definitely should have folded. To learn from my mistake I want to go through the thought process I should have had to make that decision, and I would appreciate the input of some of the Omaha gurus to see if I'm missing something.

- Should I have even played this hand pre-flop?
- My hand isn't really that strong. I have a non-nut straight and my only redraw is a second nut backdoor flush. I do have a blocker to the nut straight. While I'm short-stacked, I could have still folded and have a playable stack left.
- With the villain donk-betting pot four-way I doubt he ever has air. Even if he doesn't have the nut straight I should expect him to have at least a set with redraws or the nut flush draw, possibly with a gut shot. Are there any other hands he could turn over here?
- Against a range of sets and NFDs my equity is 53% (assuming I'm using porpokertools correctly), including the nut straight it's only 34% heads-up.
- I'm not closing the action, and once the second villain re-shoves my equity goes down even more.

While I obviously couldn't do the calculations while playing all the other factors should have made this a clear fold. Agree/disagree?