grouchie, I don't have any problem playing the hand from MP, but I think semi-bluffing the flush on a low suited connector is a big mistake, and I don't particularly like the overbet either.
You want to make the semi-bluff only on the open straight draw imo (including double gutshot), and, for my taste anyway, you also want to make sure that your straight will be good. The suited part on the suited connectors I think should only be viewed as a bonus.
For the semi-bluff really to be a good play, I think you need 2 conditions (which are somewhat strict, but unavoidable imo):
1) Good fold possibility of your opponents.
2) If you make your draw, it has a good chance of being the nuts.
One might add, as 3rd condition, position, which you do end up having here, but LP was a threat, I think, with the Q showing. The thing about the semi-bluff with position is that you can get a free card on the turn if you miss, and, if you do hit, you can bet it rather like TPTK and still probably get paid.
Anyhow, I'd be a bit cautious about this kind of play--just my $.02
I mean, if they're constantly folding anyway, then, sure, go for it. But if they're a bit tougher/sheriffy or anything like that, you have to be pretty careful.