Nice post. This is definitely something I do. I tend to play speculative hands if I can get in cheap (usually limp from late position). The golden rule is to get the hell out of the way if you miss. I also tend to fold even if I pair the flop because most of the time these speculative hands have poor kickers.
I'm generally looking for straight or flush opportunities with these hands. Even 2 pairs can be dangerous if your cards are low and a larger 2 pairs is very probable.
But as you stated, they can pay off big time. Theres nothing better than calling with 7-5 suited and the flop comes 3-4-6 or 4-6-8. It's very hard for other players to put you on 7-5 and betting out can easily get a lot of callers, especially the limpers with A-x who have hit top pair, top kicker
