There's no right answer. There are answers that are more or less wrong, (including answers that are "the regulations won't allow this", which means it's very wrong), but the only correct answer is "what partner will expect".

Having said that, a lot boils down to "why am I opening light in third seat?" For me, the answer is:

• preempt the opponents
• get in a lead-director
• put in the first shot at "win the partscore battle".

So this is the first lens through which we look at a hand. ♠AKJxx and out ranks high on the last two items and reasonably on the first one (which you mentioned). ♣AKJxx and out is a good lead-director (but in a 5 card Major system, 1 minor openings aren't the lead director in general that 1 Major openings are), but is less likely to win the partscore fight, and as you mentioned is not at all preemptive.

♠AKJx and out to me is similar. You're less comfortable if you do win the partscore battle here, but the lead-director and the "take away the 1 level" sway it for me. I actually like your AKJx Kxxx xxx xx less for this, as I still am not sure I want to "win" the auction in 3♠; I'm less likely to be shutting out the opponent's heart fit; and they have a king less. But see later about what else I might do...

The next thing to think about is "does the system support or hurt me if I open light with this hand?"

• Drury was invented because they needed a way to survive Murray's third-seat 1&spade; openings (which, shh, didn't always have even 4 spades!)
• But if you play Bergen Raises by passed hand, you really don't feel good opening a 4-bagger, because now the LoTT that Bergen is designed around is against you rather than for you.
• Precision non-1♣ openers are limited to 15, so they tend to open light even in first seat. So partner is likely not to have a good 10 since she passed. Points, schmoints, but 10 + 15 < 26, so it's not a worry that partner is going to hang me if I open light (even in a 2+ 1⋄ bid. This is very common, where legal, with expert Precision pairs. VERY light, sometimes).
• Conversely, playing K/S style weak NT, 1 minor openings are sound, and partner will frequently assume a strong NT hand when responding or competing. So it's even more dangerous to open light in a minor when it's "9 rather than strong NT or equivalent if fit found" than "9 rather than decent 11". But 1 Major doesn't have that problem.

This is the same as "what partner will expect" in my #1, just systemic rather than stylistic.

What can partner do to hurt me? AKJx x xxxx xxxx or x AKJx xxxx xxxx - eek. AKJxx xxx xxx xx? It's not as good a playing hand, but at least there's no massive misfit issues. What about 3-of-a-"fit" preemptive raise? Is that going to hurt?

Are there other bids I can stretch a little that won't get me in trouble? Okay, I might not open ♣AKJxx with a preempt, because it would have to be at the 3 level (but xxx x xxxx AKJxx white on red after pass-pass? I'd certainly think about it!), but sure and I would bid 2⋄ with AKJxx and out, even if, in first and second seat, I promise 6.

AKJx Kxxx xxx xx: If I open, and partner bids a 4-card major, I'm happy to pass (although I might raise; now I do have a 12-count!) If partner bids 1NT, it's no worse than a first seat 1m-1NT which could have Jx in clubs to make the 12. Yeah, even if I wouldn't open that in first seat (which I would, both majors!) I'm opening 1⋄ in third seat and passing anything partner bids. It's not lead-directing, or (really) preemptive, but there is a good chance it's a partscore fight, and it's a good chance we win it in a major.

Side note - Playing that K/S weak NT system, for exactly the same reason, but more preemptively, I would at least seriously consider bidding 1NT (12-14). Probably automatic NV, and at least at matchpoints with everyone vulnerable (even though -200 is the MP death score. They have to find it, and my rescue system is good, and they have to know they don't have 600!)

There's no right answer. There are answers that are more or less wrong, (including answers that are "the regulations won't allow this", which means it's very wrong), but the only correct answer is "what partner will expect".

Having said that, a lot boils down to "why am I opening light in third seat?" For me, the answer is:

• preempt the opponents
• get in a lead-director
• put in the first shot at "win the partscore battle".

So this is the first lens through which we look at a hand. ♠AKJxx and out ranks high on the last two items and reasonably on the first one (which you mentioned). ♣AKJxx and out is a good lead-director (but in a 5 card Major system, 1 minor openings aren't the lead director in general that 1 Major openings are), but is less likely to win the partscore fight, and as you mentioned is not at all preemptive.

♠AKJx and out to me is similar. You're less comfortable if you do win the partscore battle here, but the lead-director and the "take away the 1 level" sway it for me. I actually like your AKJx Kxxx xxx xx less for this, as I still am not sure I want to "win" the auction in 3♠; I'm less likely to be shutting out the opponent's heart fit; and they have a king less. But see later about what else I might do...

The next thing to think about is "does the system support or hurt me if I open light with this hand?"

• Drury was invented because they needed a way to survive Murray's third-seat 1♠ openings (which, shh, didn't always have even 4 spades!)
• But if you play Bergen Raises by passed hand, you really don't feel good opening a 4-bagger, because now the LoTT that Bergen is designed around is against you rather than for you.
• Precision non-1♣ openers are limited to 15, so they tend to open light even in first seat. So partner is likely not to have a good 10 since she passed. Points, schmoints, but 10 + 15 < 26, so it's not a worry that partner is going to hang me if I open light (even in a 2+ 1⋄ bid. This is very common, where legal, with expert Precision pairs. VERY light, sometimes).
• Conversely, playing K/S style weak NT, 1 minor openings are sound, and partner will frequently assume a strong NT hand when responding or competing. So it's even more dangerous to open light in a minor when it's "9 rather than strong NT or equivalent if fit found" than "9 rather than decent 11". But 1 Major doesn't have that problem.

This is the same as "what partner will expect" in my #1, just systemic rather than stylistic.

What can partner do to hurt me? AKJx x xxxx xxxx or x AKJx xxxx xxxx - eek. AKJxx xxx xxx xx? It's not as good a playing hand, but at least there's no massive misfit issues. What about 3-of-a-"fit" preemptive raise? Is that going to hurt?

Are there other bids I can stretch a little that won't get me in trouble? Okay, I might not open ♣AKJxx with a preempt, because it would have to be at the 3 level (but xxx x xxxx AKJxx white on red after pass-pass? I'd certainly think about it!), but sure and I would bid 2⋄ with AKJxx and out, even if, in first and second seat, I promise 6.

AKJx Kxxx xxx xx: If I open, and partner bids a 4-card major, I'm happy to pass (although I might raise; now I do have a 12-count!) If partner bids 1NT, it's no worse than a first seat 1m-1NT which could have Jx in clubs to make the 12. Yeah, even if I wouldn't open that in first seat (which I would, both majors!) I'm opening 1⋄ in third seat and passing anything partner bids. It's not lead-directing, or (really) preemptive, but there is a good chance it's a partscore fight, and it's a good chance we win it in a major.

Side note - Playing that K/S weak NT system, for exactly the same reason, but more preemptively, I would at least seriously consider bidding 1NT (12-14). Probably automatic NV, and at least at matchpoints with everyone vulnerable (even though -200 is the MP death score. They have to find it, and my rescue system is good, and they have to know they don't have 600!)