Renton,

Hero holds 8c 9c.

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vs set and huge draw

Board: 2s Jc Kc
Dead:

equity (%) win (%) tie (%)
Hand 1: 00.0000 % 00.00% 00.00% { 7c6c }
Hand 2: 70.3212 % 70.32% 00.00% { 2c2d }
Hand 3: 29.6788 % 29.68% 00.00% { AcQc }

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vs set and straight

Text results appended to pokerstove.txt

903 games 0.005 secs 180,600 games/sec

Board: 8d 9c Qc
Dead:

equity (%) win (%) tie (%)
Hand 1: 20.4873 % 20.27% 00.22% { 7c6c }
Hand 2: 43.7431 % 43.52% 00.22% { JcTd }
Hand 3: 35.7697 % 35.55% 00.22% { 8c8s }

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Who's the schmuck now? In a 3 way allin situation, a bare, non-nut draw does NOT have 33% equity just because you are roughly 2:1 against hitting. Your analysis (and mine too, admittingly, because there are so many factors to consider) is overly simplistic and flawed.