[jfk]

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a hand which suffers from reverse implied odds.

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AQo after 2 limpers suffers from reverse implied odds? are you serious?

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limping from the SB half the time with AQo is a fair way to balance your play.

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yea, after 2 loose people have limped just calling is a good way to balance your weak-tight to weak-weak-tight image

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...or its a way to add deception to your play. The table is going to have seen you raise AT+ on several occasions. A thinking player with Ax in this situation is going to have a hard time putting you on a big ace because he/she is accustomed to seeing you raise.

In my experience the likelihood of getting paid off on the big streets goes up when playing A/big this way. I'm not saying to play it like this every time. The OP wonders if a 50/50 call/raise mix is reasonable. I believe from the small blind it is reasonable. Were he on the button in this spot, the OP is going to raise close to 100%.

If others want to raise with this hand in this spot 100%, knock yourself out. I'm not saying that's a bad play. The OP is ahead here. I'm suggesting that balancing play with the occasional softer line while out of position in a four handed field with offsuit big cards is reasonable.