[Ribbo]

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After the flop hits, everyone has caught just enough of the flop to probably hang around even for a pot sized bet.

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No, no, no. This is the biggest error right here and one I was hoping to point out. It is players terrible recognition post flop of what a good or bad flop is for them that makes losers what they are. The guy with 356 has 4% equity on the flop. The guy with A356, has 8%. You should never chase a straight on a flop where there is likely both a better low draw out and a flush draw (plus you have no pair anyway for high!). Straights are for suckers!
On the turn, I still have 25% equity 4 handed, so with the money already in the pot, I only need 20% to make it a good call. Even if one guy folds, my equity stays the same and at the bare minimum for a correct call should I be beaten for both high and low. If i'm not beaten then it's much higher, but it's really difficult to go under 25%, would require someone to have a higher set and a better low.
Yet again I reinforce that A356 on a 47x flop with 2 to a flush out in a loose game where nobody folds, is junk. You have nothing more than a gutshot for a low half of the pot, and you have to dodge an insane amount of bullets to make your straight and have it good on the river. That's why he was 8% on the flop to win.