yes, if you consider your iso as a pure bluff you should bet the smallest amount for which he will fold at his usual rate.
In practice it is of course more complicated than that because
1) the blinds are there and if you bet too small they'll tag along a lot
2) you're not betting as a pure bluff most of the time
3) you don't always loose post flop
4) even if you get called with the worse hand you can still outplay him post flop
As for MMM, I figure his FTC is the fold to call ratio but I am not sure what that tells him as obviously the EV calc depends on the positions, bet sizes, etc.
The shortcut to calculate a pure bluff is bet/(bet+pot). If villain folds more than that ratio, then the bluff is profitable (not taking rake into account). In your example above:
bet=5bb
pot=2.5bb
So he has to fold more than 66.67% for your pure bluff to be profitable.
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