I play it the same way. You have some fold equity and the raise gives you control of the pot which may earn you a free river card if you miss the turn. If plays back at you unless he is holding a bunch of your outs you aren't going to be worse then a coin flip.
This is the classic pairing in PLO, big wrap vs. top set. It is equivalent to over cards vs. a small pair in HE or top set vs. nut flush, nut low draw in PLO8.