[mojed]

Well, you make this semi-bluff for a combination of fold equity and decent equity against the villain's calling range. Here, neither are likely. You're in a multiway pot, making it likely that someone has hit the flop hard, giving you minimal fold equity (especially against a bet and raise on the flop). Plus, your equity against a villain's calling range is likely to be no more than what you'd have with a standard flush draw; the lack of preflop strength followed by postflop strength suggests two pair at worst, a strong ace is unlikely as it would have raised preflop.

These combo draws are best played aggressively in heads up pot against a flop CB, eg villain raises in MP preflop and you call with Q7s (dubious, but we'll use it for the example). You put him on 22+ AQ+, AJs, KQs. Flop comes A7x, two spades. The villain makes a CB, and you make an aggressive raise. You have fold equity against underpairs to the ace, are about even to a wide part of the villan's calling range (his Ax hands which pair the board, maybe KsQs), and are only in trouble against sets, but even then you aren't drawing dead).

Make a note that villain open limps with A4o.