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You're very probably right, but like I say, it really comes down to how desperate I am. 4handed these blinds are going to come around quickly, we're not going to see a great deal of hands before we're forced to shove junk. If I can't fold to the cash, then I shove and just hope for the best. We're rarely up against a bigger pair, I'd really expect 77+ to raise, not limp, we will get folds sometimes (though I realise not as often as we'd like), and there's a few hands we dominate that can limp in and then call our shove, ie A2-A6, or 22-55. Worst case scenario is obviously two callers, but I don't think that happens often. And yes, of course the majority of the time we get one call, it's a flip, but seems ok to me in terms of equity thanks to the dead money, plus we're slightly ahead of most overcard combos.
But I must confess that ICM is not something I know anything about, I think that's going to be my topic of study for this evening. I will point out though that if I think I can cash by folding, I'm not going to shove.
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