I guess it all depends on the trustworthiness of the players in your game to play fair, but my friends and I used to play rather an apparently complex game, (both in play and in strategy terms; although the play is actually simple enough to get right after a few rounds), we called Passing Florida Hi-lo which had all you're looking for. Over the years, it became a firm favourite in our Dealer's Choice games and no two players were ever accused of or believed to be cheating overtly. (However, you'll see that you might use a strategy to attempt to force the recipient of your passed cards to play high or low when you are going to play low or high, to take him out of competing for your prospective half of the pot, so there is definitely the possibility of low percentage team playing if the players aren't there just for the beer and the craic.)
We'd all be dealt seven cards down, and then all would pass three of these cards to the player on our right, at exactly the same time. Then two cards from the new hand of seven. Then one card. In other words, after the three passes, you could end up with six different cards and one original card; or, possibly, three different cards and four original cards.
Each player would then discard one card.
Now, we would stack our six cards as we wanted them to be revealed, unchangeable from there, and place them in a pile in front of us.
The top cards were then exposed and the first highest card opened the betting. We played low limit with a maximum of three raises on any card.
Second card exposed, etc; third, etc; fourth; etc. That was the betting over.
Now, the fun part.
We took two chips behind our backs, selected no chip, one chip or two chips in a closed hand, brought it out in front of us, keeping the other hand behind our backs, and had a "3 - 2 - 1 - show!" simultaneous reveal of whether we were playing high, (one chip), low, (no chip), or for a scoop, (two chips).
Everyone's two downcards would then be revealed, (if they wanted to make a claim relating to their best five-card high or low out of their six cards), and the usual argumentative banter would start over who had won which half of the pot. If someone had gone for the hi-lo scoop and had been beaten by a high or a low caller, he lost all rights to the pot. The pot was split between the best high caller and the best low caller; or, the full pot went to the best high caller if there was no low caller, and vice versa.
Flushes and straights counted, so obv the best low was an off-suit A2346.
Important things to remember are the cards you passed; how you stack your final cards to misrepresent what you have or what you are pretending to have; and how you can steal half the pot by trying to guess the way others are going to go on their reveal. (If someone stacked their cards, say, as 6h4h3h6sXX, they could have the nut low, or a straight flush, or quads, or a normally useless king-high. If they had the king-high, they might choose to go high, depending on all the other cards showing, and win half the pot if the other players all went low.)
Give it a whirl, if you can. I guarantee you'll enjoy the game once you discover the nuances.