For what it is worth, here are my thoughts:
Pass is wrong: with this hand, it seems appropriate to get into the auction, and delayed bidding is usually a bad choice: the opps get to exchange information on approximate strength and degree of fit and THEN we come in with a weakish hand? Not for me, thanks.
2♥ is wrong: even if you play Michaels as weak or strong (as I do), at this vulnerability, you need more than this. It is not so much that the 2♥ bid is understrength in playing tricks, as that partner is entitled to act on the basis that you have a different hand. As is so often the case, the problem with distorting your hand is not the immediate bid but what partner may do later, if he mistakenly trusts you to have your bid. This is especially true if he has a misfit with some defence.
3♠: is overly aggressive. It is better than Michaels because it correctly emphasizes ♠ and does not suggest even a modicum of defence. But it is unnecessary, because:
2♠ seems just right. It devours 2 levels of bidding and more or less accurately describes the playing strength of the hand while not significantly overstating the defensive values. Furthermore, the opps are far less likely to play for penalties at the 2-level than they are at the 3-level. And, of course, if they do play for penalties, you are saving 300 points.

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