Re: which odds to use?
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You only use the odds with 2 cards to come if you know there will be no more betting (one person is all-in)
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Presumably this refers only to the 4-out draw posited in the OP, not all of limit hold'em. (I use the odds with 2 cards to come quite frequently for strong draws, because chances are I'll have odds to stay in.)
But really the other response is right -- you can use odds with two cards to come only if you're factoring in the big bet that you'll have to pay if you miss on the turn.
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