I'm just flirting with PLO MTTs at the moment as I am still learning the game (have been for years😲), so just
freerolls and low buy ins when I get bonus tickets - so no grinder but here are some observations..
PLO is much better suited to deep stack cash games.
You can wait for better starting
hands, connect to flops very strongly when you hit or have enough stack depth to
bluff (with the right hands ofc ) across several streets when you miss. I think this is the source of your 'confusion' with regard to MTTs, we are forced into sub optimal play by the pressure of rising blinds/ shrinking stacks.
As stacks get shorter you just need to go with hands that you can just stack off with on the flop with low SPRs.
You are forced into these 'gambles' and IMHO it's where PLO MTTs are inferior to Holdem MTTs, the fact equities run closer in PLO means you can exert less pressure preflop with a short stack at PLO, add to that you can't just shove ~10BB preflop .
We do get to benefit from the somewhat high variance nature of PLO MTTs though by sitting back and enjoying the high bust out rate.
So generally I am playing tight early to mid game, looking for hands that make big hands I can win big pots with, then 'going for it' at 20BB and below when I have hands I can get in on the flop/turn.
I am playing a polarised strategy generally but can small ball/merged play work? I hate the guessing involved when you make a Jack high flush vs an aggro. fish who over-values his 8 high flush and puts you all in with it. I would be interested in the views of more seasoned PLO MTT players.