Semi-bluff with the turned flush draw, or just call the small bet and re-evaluate?

Flop I would choose higher equity hands than yours especially if you're using a larger sizing like you did.
It's 3 way so overall our sizings should be smaller, obv here on this boards we have lots of overbets in theory so multiway can go somewhat big too and this board is amazing for us, but no need to go this wide imo.
We can effectively check back and start bluffing turns very wide when checked to and this line also reps hands like weaker Ax, KQ very well. Also given the nature of this board we don't expect the blinds to be bluffing wide into us on the turn. Just my opinion
Turn I would always just be calling here. It's a triple broadway 3way flop spot where your range and a ton of nutted hands in it, so would expect his donk to be very underbluffed there.
We can call and realize and bluff rivers if we want.

Agree with Dan's last point. Some sort of weak Axhh, or Kxhh looks likely to me, with their pf call, flop call of H's 2/3 bet on AK6r, with this 1/3 pot donk intended to lock in their drawing price when a heart draw develops. Nearly all of their suited combos beat ours. Or they just made 2P, and can't figure out what size they should bet this.

I'd much rather raise with our perceived range on the turn vs calling. We have 9-high and we think our only draw may be toast. We're perceived to have more currently nutted hands (besides QT) than V, and those hands would raise this small turn bet, right?

Even though 5-handed UTG is obv going to be much wider than full ring. 97s is kinda light even for a HJ open though.

Is a "showing down solid hands" SB player going to have a bunch of suited Aces and Kings here, like A6s, A9s, K9s etc?

Turn I would just call in position. If you raise and get reraised it is a disaster. I also don't think we have a lot of fold equity vs Ax. You're also in a horrible spot vs AhXh, KhXh.

Flop I don't mind a bet as well can turn a lot of equity, board is good for us. But I would bet 1/4 or 1/3 pot to keep their range weaker, if we turn equity (esp heads up), go for an overbet.

Preflop is questionable, especially in a raked game. You would have to have a decent edge at least, and even then it's questionable because you could get called by recs calling hands they shouldn't, but even most of those hands are ahead of you. The main exception to me would be if you were trying to give action to recs you want to be friendly with and play more with in the future and you think they might not if you play too tight.

I think you can basically always bet this flop, for the reasons Mlark gave.

In my experience, this kind of lead from V is generally pretty strong. It is driven by the fact that the river could bring a heart, but also a one liner to broadway and now he won't be comfortable with a hand like, say, A6. A bluff would be very unusual. It's kind of weird that he bet so small though. Maybe he just realizes you can have a lot of bigger hands, and doesn't want to allow a free card and also doesn't want to lose a ton if you have AA or something.

You might be able to run a big bluff on the river if he makes another weak lead, or if a T or Q comes.

Hand selection: I pretty much follow the RFI charts, though I don’t know the CO/Button ranges very well and end up playing tighter in those spots. In this situation, I had been a little card dead, and the couple hands I had recently opened took down the blinds. When running like this, I sometimes open a marginal hand just to appear a little looser and to hopefully induce more action later in the session. I also played this 97s planning to capitalize on the tight image I thought I had.

Flop: V called my bet quickly and rather confidently, which I read as him telling me he wasn’t afraid, and I guessed he probably had an A and not a draw.

Turn: V bet fairly quickly for the small amount, which I read as weak. I thought if he had 2 pair he would have bet big or check raised the turn. I raised to $200, expecting him to fold. He called.

River: 8c. V checks. I jam. He folds in less than 10 seconds.

In retrospect I think he may have turned a heart draw, maybe with AXh or KXh.

Maybe I was too focused on my perception that he was weak. It worked out this time, but it could be I just got lucky. That’s the thing with reads, sometimes you don’t know if you made a great exploit based on a subtle read, or if you just got lucky.

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It seems like your read on his bet size was correct and that is a huge aspect of winning in these games. Your line was def. better than call turn fold river. Maybe call turn and bluff/value bet river depending on if you hit was better, but maybe not. Certainly not in this particular case as you won more. We're not playing online and few of us are paying high stakes so life reads and exploits are a big part of winning the max.

I would just call turn. In my experience this check-call flop, donk turn when the BDFD appears line is usually a value hand that doesn't want to see the turn check through. Just call, and consider bluffing if he checks river.