I think this is a good way to play your hand at any other stage of the tournament. I might advocate a slightly larger flop sizing, but just under half pot is reasonable. It’s not a mandatory cbet, having some strong flush draws in our checking range is nice, but fold equity is very valuable at this stack depth. Once villain check-raises I think we aren’t quite deep enough to flat, and folding is out of the question with so much equity.

The situation changes a lot with ICM in play. It may seem overly passive but I think this hand should always be checked back on the flop with this stack distribution. There’s two significantly shorter stacks, as well as three other stacks near your size. Although we benefit from adding fold equity to our draw, I think that the value of controlling pot size and minimizing risk is much higher. When holding a draw, you really want to avoid situations where your choices are 1) fold a lot of equity or 2) risk busting before the shorter stacks. Even if this wasn’t a particularly aggressive player, we can expect a fair amount of check-raises from the chip leader, they should be looking to apply pressure to the middling stacks.

If we check back we can call any reasonable turn bet. That line makes it much easier to realize our equity while only risking a fraction of our stack. If villain checks turn we can happily make a delayed cbet whether or not we improve. Still sucks if we’re forced to fold by a check-raise, but we’re giving up much less equity when there’s only one card left to come. Checking turn is also reasonable, if the river checks through we will win fairly often at showdown.