[Xhad]

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Excellent post.

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About not raising the favorite: one thing to realize is that any time you don't bet or raise the best hand, you are giving up EV on that round

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I am ahead if the hand ends right now, but I am not the favorite. The flush draw is the favorite. The straight draw is practically even with me. Does this change your answer?

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It doesn't change my answer about not betting (in a real game situation), because you still have enough of a lead against certain hands to want your hand to be protected. This is because you can't be sure that a flush and straight draw are both out against you, but there is probably someone with at least a T, a club, an A, or a small PP. You are right that if these draws are both out against you then you aren't really the favorite. On the other hand, you're more likely against one or the other, along with some weaker hands that may be correct to call for one bet but not two. So there are arguments for both calling and raising. In your specific example you're probably better off not raising, but you'll rarely know your opponent's cards that surely.

EDIT: One thing about the above quote, I should have made it clear that by "best hand" I meant "favorite" and not "highest ranking hand".