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This is more of a theoretical question. Should we assume that the better hand is the one that does best against the range that would call you?

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If you're pushing, this seems like the right course.
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Or is the best hand the one that has the most preflop equity value?

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I'm not sure it is of much value to base pre-flop equity on a hand's value against random hands (as you've doen in the opening post.
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I lean toward the former in all-in situations, but I'm not sure about play before then.

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Suited and connected hands gain value post-flop even when they have not been made. Flopping a four-flush or OESD is valuable. Holding a King and almost pairing when a Queen comes on the flop isn't quite the same.