Its not insignificant that you have a solid player here with you. If you want to play junky hands in plo8b they should be in position, and with either a lot of drawing potential (high wraps) or hit hard/pass easy (pairs from 99 up). I am a very loose player and i wouldnt play that holding. Even if he raises with garbage, he is likely to have better than that and will have position for the hand. That's a big edge.
Lastly, thinking about the game in terms of defending your blinds is limit and/or tournament thinking. Sometimes the blinds make a difference as to whether I play a hand, such as calling from the SB or calling just a miniraise. But normally I'm not thinking of the hand in that context at all. And I'm fairly certain its a mostly irrelevent factor in most PLO or PLO8b games.
gl
Dave
http://internetpokerpro.blogspot.com/