AT65 of hearts clear fold?

[ilya]

DISCLAIMER: I have about 100 hands' worth of PLO/8 experience. I'm only posting this to find out whether my thinking is sensible.

I would fold for the reasons you mention, and also because the hand doesn't even have much high potential to compensate for its weaknesses (yes there is the nut flush draw, but as you've pointed out, two of your outs are lying dead right in your hand).

Also, the straights you can make with the 56 are crappy. If there is no low possible, you will have the ignorant end of the straight. If it's not the ignorant end, there will be a low possible and you won't win it. This is if the board isn't paired. If the board IS paired you're in trouble anyway.

Another thing decreasing the value of your straight possibilities is the fact that if there's a non-heart flush draw on the flop, you never have any cards of that suit playing anti-flush defense.