[mvdgaag]

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It is definately a profitable hand if played correctly. It is very difficult to play though, because your kicker is worth nothing and you'd have to judge if someone has a better ace a lot of the time. You want to catch two pair most of the time before you take any action.

A wheel is ok, but very hard to win big with if you are holding the A yourself. There are only low cards and mostly you are in there with other people drawing. If you hold 45s for example you can hit a wheel against someone that paired his aces and you possibly win a lot more.

What you should be playing it for is the nut flush preferably against someone feels he should slowplay when he hits with big cards.

Your calculations assume big losses, but if you can see a cheap flop, preferably multiway, you catch a flushdraw around one time in 7.5. You have 35% equity on a flushdraw, so as long as it doesn't get headsup you gain directly. Implied odds imply an even bigger gain. So even if you play it only for the flushdraw in multiway pots it's a break even hand in the long run. Of course you have more ways to win than catch a flushdraw.

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Whoops, misunderstood... Thought this was NL. Most advice still goes only you get a lot less implied odds on your wheel and flush draws, but you don't get shut out with them that often either. Still profitable as long as you don't go too far with them.

Oh, one more thing... Playing break even or very slight loss hands is a great EV booster for your big hands, since you have a looser image. Especially in NL this helps a lot, but in limit it does too. Sessions where I played the breakeven hands I got payed off better with sets and broadway hands.