Cold call small pair on button in family pot?

[theTourne]

Loose 9 handed online game. Average about 40% to the flop with pots of 7-8 BBs.

1 fold; UTG+1 limps (way too loose: any ace, any med connectors); MP1 limps (too loose); MP2 limps (solid TAG); MP3 raises (unknown); 1 fold; hero on button with 44.

I generally avoid cold calling like the plague, but in this case I'm definitely going to get at least 4.5 to 1 (all limpers will call), and probably 5-1 or better. Can I play this for set value? Am I not discounting my implied odds enough for hitting and still losing the pot?