While you are getting 5:1 pot odds, 5:1 to try to beat two players is much worse than 5:1 to beat one player. Perhaps it would be better to say that you get a 50% discount on the 2 bb everyone is putting into the pot. I don't think this discount makes up for the disadvantages of position and hand strength.
Another way to look at it is as an investment, and drill down into the possibilities for the flop. Calling is sure to cost 1 bb now. How much do you get back from the pot on average in each scenario, and how likely is each? For example, suppose you flop bottom two (2.02%) and can get all-in against one pair for 36 bb against one player (perhaps 1/4 of the time that you flop two pair -- you have to estimate this). How much do you gain in this scenario? You invest another 34 bb, and get 74 bb, say 75% of the time. Count that as a return of .75 * 74 - 34 = 21.5 bb. So, if this happens about 0.5% of the time, that's worth about 0.1 bb. Of course it is worth something if you flop two pair and your opponents don't like the flop enough to continue, perhaps something between the 6 bb pot and the 21.5 bb value of getting all-in. If you can find a total return of 1 bb, this would justify the call. However, I don't think you can do it without finding a lot of value from the times that you flop bottom pair or a draw. My guess is that you will be a few tenths of a big blind short. If there are antes, it gets closer, but I think it should still come out to a fold.
You can also drill down into the possible holdings of your opponents. Suppose the button has AJ. When will that work out well for us? We can hope to flop two pair or trips or a straight while AJ flops top pair. However, what happens when the button has 77? What flops would 77 really like that we would like with 32? After we start showing strength in a 3-way pot, even a board like 532 doesn't look that good for 77. Does it help or hurt us that the button may have T9s in his range? Again, when someone with T9s wants to stack off in a multiway pot, it's usually with a big draw or more than one pair, and on average that isn't very profitable for us.
I want to comment on one other thing. Someone said, "You should fold if every blind matters (likely below 15 bb)." It's a common mistake to believe that blinds don't matter if you have a bigger stack. If you lose 2% of your stack, and it is far from the money, then you lose about 2% of your equity in the tournament. If you started with 1500 chips, 6400 chips may represent multiple buy-ins of equity, or several tournaments of expected profit. Always assume that the blinds matter. Even very early in the tournament, you should not defend the blinds or call a short stack's push with trash just because the amount of chips involved seems small. You need to get something back which is worth the investment.