Is this a pass?

[Nem]

and this is what happened

 
[Jun 29 11:36:26] : TightBlonde called $109.75

[Jun 29 11:36:27] : Seat 5 : TightBlonde has
[Jun 29 11:36:28] : Seat 2 : Wizard-50 has 
[Jun 29 11:36:29] : Seat 5 : TightBlonde has
[Jun 29 11:36:34] : Board cards [  ]
[Jun 29 11:36:34] : Seat 2 : Wizard-50 has
[Jun 29 11:36:34] : Wizard-50 has Two Pair: Aces and
[Jun 29 11:36:34] : Seat 5 : TightBlonde has
[Jun 29 11:36:34] : TightBlonde has Full House : full of
[Jun 29 11:36:34] : TightBlonde wins $344.50 with Full House : full of

He had TP and nut flush draw, so it was one of those unavoidable ones, could have gone either way.

Board: 
Dead: 

           equity (%)     win (%)   tie (%)
Hand  1:   30.1010 %     30.10%    00.00%      { AcKh }
Hand  2:   69.8990 %     69.90%    00.00%      { 3c3s }

[ifm]

Call and pray he misses the flush, if he has the flush then so be it you still have outs.

As for the set mining debate i must agree with Pab here a great way to gain chips either in cash or tournies.
I will call bets on the flop even if i've missed because implied odds can be huge (unless hitting my set would put a possible flush out) if i hit the turn. Moreso if a pair has flopped because you are more likely to be paid off by trips (obviously this can lead to losing to a bigger FH but very rarely).

[Bongo]

It is more important that he does not have a full buy in in front of him, because it means you cannot be stacked, he can be.

Being "stacked" matters not in a cash game - the amount is the same whether it's your whole stack or half of it. I'd want him to have me covered so I can win more.

Am I looking at these things the wrong way?

[TightEnd]

Maybe I expressed it incorrectly


what I meant was assuming you had your starting chips or higher and he has less than a full table buy in, here $200, then you aren't playing for all your stack whilst set mining

Whilst you might in some circumstances want him to have more than you (such as on a non flushing non straightening board where you hit a set) in others, such as here where he clearly has a made hand or a big draw, you don't want it all at risk

Not important in the big scheme of things, I accept