Shallow money, multiway action

[Pensive Gerbil]

While this issue is more frequently relevant to tournament play, I would like to explore it in the context of a ring game to avoid the extra complicating variables of tournament play. Suppose your stack is 10x the big blind, you are a favorite in the game, and you are not able to buy more chips for whatever reason. It is a loose-passive game in which 5-7 players usually see the flop in unraised pots, and a standard raise of 2 to 4 times the BB is likely to be called in a few spots (and even large all-in raises are often called). Let's also say that about 65% of pots are not raised preflop, 25% are raised a standard amount, and 10% have someone moving in for a large amount. Assuming the opponents are not particularly observant, I would think that only very premium hands (AK, QQ-AA) would be worth raising in potentially multiway pots. Agree? What are the weakest hands with which it might be profitable to limp in this situation? What are the weakest hands with which you would consider calling a standard raise?

EXTRA CREDIT: Would your advice change if this were a tournament, you were not close to the money, and the blinds were doubling every 10 minutes?

Regards,

PG