I have to say that I'm a bit at a loss with this problem. At what point does it make sense to chase a flush or an open ended straight draw? It feels that heads up you never really get the right odds. So should I keep this tactic for multi-way pots?
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In NL chasing anything is rarely correct. You call mostly to defend someone from blindly profiting you from making continuation bet. If you have flush draw or open ended straight draw then you should bet, or check raise as bluff. You can call if you feel you can make atleast 6 times the call. For ex, lets say pot is 30 and your opponent bets 25. You should think: "If I make by hand on turn can I make atleast 150 from my opponent by river(95 more on turn & river)? If you can't then chasing is losing play. In that case, you may consider check raising! Raise to 75 and put pressure on your opponent.
I define "Chasing" as calling with improper pot odds. If we agree on this term, then it is never technically correct to chase.
However, when drawing, there is much more to consider then simply pot odds. Implied odds for example. Playing the hand like a made hand, taking the lead and Semi-bluffing is another.
Just check-calling one street with no other plan in mind to win the hand with improper odds would be a losing play. "Have a plan or plan to fail" as they say.
Make sure your plan includes the principle; "Always draw profitably."