I still haven't taken the time to work out all the math, but when the table conditions are like those I describe in the OP, the strategy so far seems very successful. You don't get a lot of chances to get your money in as an 80%+ favorite like you do in hold'em, but you do get chances to get your money in as a 50%-55% favorite to quadruple or quintuple up, and I'll take that all day. If there's a raise and a call in front of me and I 3-bet with KKxx, I usually get at least one villain to coldcall the 3-bet and of course the raiser and caller call along too, and if someone does 4-bet and/or 4-bet shove it's USUALLY with something KKxx is way ahead of.
I think the main thing is one has to be disciplined enough to fold implied-odds hands, especially facing a raise. If I have a 30bb stack and there's a 3bb raise in front of me, a hand like A
6
J
2
is a fold, but if I had a 100bb stack and were going to see a five-way pot with position I would call there. With a 30bb stack I probably wouldn't even limp along with nothing but a suited ace because what am I going to do if I flop a flush draw? With a 30bb stack I WOULD limp along with a hand like A
6
7
8
though if there were a low chance of facing a raise (I'm folding it to a raise with a 30bb stack).
If this doesn't make complete sense it's because I typed in a hurry but I hope the general ideas at least make sense.