I'm not sure where you are getting your equity calc from.
I ran some ranges on PPT:
Omaha Hi/Lo Simulation
398,290 trials
AdJc5cAh 39.33%
A2** 34.03%
Top 50% 26.64%
Omaha Hi/Lo Simulation
398,431 trials
AdJc5cAh 40.64%
Top 20% 32.95%
Top 95% 26.40%
I ran several sims with variations (it doesn't matter a whole lot whether SB plays anywhere 50->95% of hands) and end up with 39-42% equity for our hand. This is also including uber hands(AA2*, etc) in both their ranges that we can eliminate based on their limps. I would certainly raise 77 in holdem here as well--again we have ~40% equity from my calcs:
Hand 0: 26% { 99-22, ATs-A2s, KJs-K2s, Q2s+, J2s+, T2s+, 92s+, 82s+, 72s+, 62s+, 52s+, 42s+, 32s, ATo-A2o, KJo-K2o, Q5o+, J6o+, T6o+, 96o+, 86o+, 76o }
Hand 1: 33% { 88-22, A9s-A2s, K9s-K8s, QTs-Q8s, J8s+, T8s+, 98s, 87s, 76s, KTo, QTo+, JTo }
Hand 2: 41% (77)
Those are just generic LHE limping ranges I threw together. Again, doesn't change much even if you alter the ranges substantially so the sims are fairly robust.