Results:
It looks like I did what most wouldn't have done on the first draw (keep the 8732) and then did what nobody wanted and some were adamant against on the second draw (discard the 8 and draw to the 7432).
I binked a 5 immediately and made a wheel. So, obviously I won the pot.
My experience in 2-7 TD is limited to mixed games and very small stakes on Pokerstars pre-2011. But, my gut told me that against a pat hand and three one card draws, my equity was too low with a 87432 and I was better off drawing to the 7432. I though I was behind the pat hand some of the time (probably to an 86xxx more often than a 7xxxx). And, that the three one-card draws had 8-low draws or better (though possibly an 87-low draw).
Is there hard simulation data on 87432 vs. this range of hands? And 7432 vs. the range?
The rest of the hand:
After I discarded the 8, I made a 75432 wheel.
The first three players checked to the MP check-call patter and he bet.
I called mostly hoping one of the other three players made a hand and were check-raising.
Instead, the Small Blind and Big Blind folded. I can only assume they were drawing very weak and didn't want to play against a pat hand.
UTG called.
Three players took the third draw with 10.5 big bets in the pot.
Third draw: UTG drew one. MP patted. I patted.
UTG checked. MP bet. I raised. UTG foled. MP tanked and folded what he said was the "worst 7" (76542).
I can't explain his check-call-pat after the first draw. It's not something that I've seen very often in 2-7 TD. Though, I though it was unlikely he had a 9-low or worse.
87432 Again:
The next day I was dealt 87432 on the button, raised a limper, and played the hand three-ways with the limper and Big Blind.
Both players drew two and I discarded the 8. Again, I binked a 5 for a wheel and won the pot.
One of the reasons I made this thread is to make sure I'm not foolishly discarding 8s when I should be patting them.
I don't want to be lulled into a false confidence that a 5 will come every time.