what do we think of this spot?

I have history w/the two players. the SB I have stacked twice in the past w/the nuts. MP1 multitables and seems kinda decent for 2plo. I have like 1k hands w/him total, and my read is that he plays straightforwardly

both should fear my heralded nittiness.

Full Tilt Pot-Limit Omaha, $0.02 BB (7 handed) - Full-Tilt Converter Tool from FlopTurnRiver.com

MP1 ($1.88)
MP2 ($1.90)
CO ($3.41)
Hero (Button) ($2.37)
SB ($1.02)
BB ($0.94)
UTG ($2.97)

Preflop: Hero is Button with Q , A , A , 5
UTG calls $0.02, MP1 bets $0.09, 2 folds, Hero calls $0.09, 2 folds, UTG calls $0.07

Flop: ($0.30) 8 , 10 , 2 (3 players)
UTG checks, MP1 checks, Hero checks

Turn: ($0.30) 7 (3 players)
UTG checks, MP1 checks, Hero bets $0.20, 1 fold, MP1 calls $0.20

River: ($0.70) 9 (2 players)
MP1 checks, Hero bets $0.50

I would either take a stab on the flop, or just check it down all the way. To be honest, your line would be a good one to take if you had the nuts because no one will believe you. But for the same reason, it's not a good line to take as a bluff.

That's just my opinion though. Actually I've probably never tried bluffing in this sort of spot. Did it work out for you?

Why wouldn't anyone believe it? Would I always bet the flop w/the nuts? Nah. Would I check behind and then value bet K/Q high flushes here? Yeah. I think I have more trouble if I bet the flop because then I'm polarized to nuts/air. I just wouldn't play a non-nut flush that way, firing 3 streets multiway against two tight players.

I think if we're going to bet the flop or the turn then we have to follow up with other shells. If we get called then our opponent has some showdown value, and we need to keep firing to get him to lay down two pairs, sets, and straights. Maybe he folds a weak flush like 25% of the time. I also suspect villain folds to a river bet some meaningful % of the time because of our nitty image. So when we bet the turn we're building a pot for us to steal on the river. That argument can be made I suppose for firing all 3 streets, as it makes a river bluff even more profitable, but at the micros I notice that if someone calls the 2nd barrel then he's definitely calling the 3rd.

donk bet flop then we can bluff the blank turn it looks more like a real hand

c/f obviously.

But in respect to the situational PLO bluff play, this isn't a bad line. It's all about what you are trying to represent. I would pot the river though. There's a mental game at play with the PSB. Your line is totally a nut hand line. But rivers are pretty much always pot bet with the nuts here. You are risking 10 more BB's, but I think your bluff will be more effective, should you choose that play. If you are trying to play your read of MP1, pot this river IMO.