FWIW... a modified CREV simulation, still with Hero doing a checkraise, addressing some of the concerns about my assumptions being too optimistic for spewy V1.
Spewy V1 tightens up on flop cbets (he did get 3 callers after all) and only cbets if he caught a good flop, which I defined as: Sets, overpairs, 2pr, top pair, middle pair, PP>middle pair, pairing any other holecard. He gives up with all his AX and KX combos that whiffed, and any PP less than 88.
When Hero raises, V1 reshoves much tighter, i.e. sets, overpairs, top pair, middle pair, and OESD. He no longer continues with gutshots, hopeless pocket pairs, and bottom pairs. I kept in middle pairs, all of which have either a backdoor draw or an overcard.
Good V2 floats with the same range, but when Hero checkraises and V1 shoves, he continues 3-handed only with monsters and monster draws (i.e. sets and T9s), and folds TP.
If V1 folds, he shoves into Hero with his monsters and OESD draws, as well as TPTK, and we fold. In reality, I think he may flat OESD and fold TPTK, so we may fare better, but I'm using this as a worst-case.
So... compared to the previous simulation, we now we have V1 cbetting only 51% of his hands instead of 100% and being much tighter on his reshoves. V2 is slightly tighter when V1 reshoves but just as loose reshoving HU vs Hero.
I believe this scenario has quite conservative assumptions given the description of Villains in OP.
Here are the interesting changes from the previous simulation:
- Spewy V1 is -$5 EV reacting after Hero checkraises (he was -$42 EV before).
- V2 button is +$92 EV facing a V1 reshove (he lost $10 by laying down TPTK) and +$87 EV when he reshoves vs Hero HU (about the same as before)
- Hero is +$127 on the checkraise (he was +$155 before).
Note that V1 cannot really tighten up any further on his reshoves once he's bloated the pot -- if he does it starts to be worse for him than folding! And he's here to gamble, not reduce variance.
Hero's profit drops from the first simulation, but is still making a highly profitable play, and on balance is risking less than his opponents to make that profit.
Conclusion:
Even with V1 spewing much less, I believe the EV on the check-raise line is so high that a flat-call OOP strategy would have a very hard time comparing favorably.
And of course check-raise is much easier to play intelligently than flatting and facing multiple opponents on multiple streets and out of position.