If you give MP a 12% OR (very tight) and CO 8% 3bet (realistic), you are something like:
Equity Vencer Empate
MP2 27.76% 25.56% 2.20% { 77+, A9s+, KTs+, QTs+, JTs, ATo+, KJo+ }
CO 32.13% 28.96% 3.17% { 88+, ATs+, KTs+, QJs, AJo+ }
SB 40.11% 35.76% 4.35% { AdKd }
This means that, although you are ahead of ranges, once the flop is dealt, you are only getting in average 40% of it AND PAYING RAKE OVER IT.
Now, if 4bet to 25BBs and get ONLY MP to fold, you are something like:
Equity Vencer Empate
CO 42.46% 36.87% 5.59% { 88+, ATs+, KTs+, QJs, AJo+ }
SB 57.54% 51.95% 5.59% { AdKd }
You can argue that CO call range will tighten, and we get something like:
Equity Vencer Empate
CO 43.07% 42.32% 0.75% { QQ-TT, AQs-ATs, KQs, QJs }
SB 56.93% 56.18% 0.75% { AdKd }
Or that he can jam and in such case, his range would be something like (including QQ or not makes 1% difference):
Equity Vencer Empate
CO 58.09% 38.80% 19.29% { QQ+, AKs, AKo }
SB 41.91% 22.61% 19.29% { AdKd }
Note that even in this scenario you get more equity than in a 3way pot.
No, if villain only jams QQ, KK and AA:
Equity Vencer Empate
CO 65.44% 65.08% 0.36% { QQ+ }
SB 34.56% 34.19% 0.36% { AdKd }
Only if we are completely sure CO has KK or AA it gets ugly for us. But if you know how to know that, please teach me.
Equity Vencer Empate
CO 76.90% 76.38% 0.52% { KK+ }
SB 23.10% 22.59% 0.52% { AdKd }
To sum it up, by calling, you get 40% equity. In the 2nd worst scenario (CO 100% of the time has QQ, KK, AA) you get 35%.
I am not qualified to teach anyone to play AK, but I can tell you from my experience (graph) that most of my profit with AK is in the red line, as I take every % of fold equity I can with that hand and, imo, it is its best attribute, as it blocks villains AA, KK and AK.
Hope the math above is as helpful for you as it is for me everytime I ned to remember myself why I jam AK PF when opportunity is available.