I would go another step and ask how many other players have called or will be likely to call the raise. If it goes, limp, limp, limp, raise, and I'm on the button, well my requirements might loosen up a bit since I know the three limpers are coming along for one more bet and the BB might jump in there too getting 8.5:1 (and if he makes the same assumption I'm making, he's getting 11.5:1). Plus the implied odds are huge if you hit a flop with a strong draw.
With those kind of odds, any decent cards are worth playing.
Also, I might also look at the game itself. Is this a table where if I'm in MP and I cold call an EP raise, do the players to my left cold call raises pretty often? Now, you won't see those types of games too often at higher limits but plenty of low limit tables have a lot of passive types who have high VP$IP's and will call raises just to see a flop hoping to get lucky.