[tewall]

I think my preference would be to fold it, unless on the button with many limpers, in which case I'd limp. If I did come in earlier, I'd want to raise with it, so I could commit to it if I hit a TPTK flop.

The way you're suggesting seems viable, but awfully hard one the nerves. You're going to have to guess if TPTK is good in an unraised pot, which is pretty tough. Plus you can't have your cake and eat it to. If you call, you have to take a chance of someone getting a "free" chance to improve, but if you raise, you're pretty much commiting yourself to the hand.