Don't know anything about this formula, but usually the more the rake the less we can call. You can start to folds all the hands with such a tiny EV that requires to play in a low rake enviroment to be a winner long term. I think that's how it works in a perfect scenario, but if your opponents' weaknesses compensate for the rake's EV loss, that's another story.

If you are looking for a mathematical method to estimate exactly this kind of things, I apologize for my answer.

You can’t define your range only based on equity / pot odds you have.
Ev of a hand is correlate to equity , pot size and R.
R (equity realization ) depends on a lot of things. For example, postflop agressivity from vilain is not something you can calculate by adding a variable in a formula.

I think 5$ rake is the cap and you pay smaller in small spots so I doubt this formula is correct. Otherwise it is just ridiculous and not playing those games is best strategy.

What Yolan posted looks right..
your loss rate from the BB will be higher in high rake games with good regs