I am brand new to omaha in my small amount of hands i have played i am getting stroked by bigger flushes. Is it pretty basic strategy to never chase non nut flushes and toss them about everytime there is med to heavy action, thanks.

That pretty much somes it up. Draw to the nuts.

Small flushes have value as bluff catchers, but that's about it. You can basically think of a two card flush in Omaha like a one card flush in hold 'em. If you have a queen or king high flush, you can call a bet, but if you bet and get raised, you're almost certainly behind. With a 7 high flush, if your opponent bets, the only thing you can beat is a bluff.

limit or PLO?

yea always muck the small flushes unless you are heads up then you gotta feel it out.