Thanks SP S for a bit more detail on some of the inner workings on pricing.

It's something that I'd like to back test somehow before attempting it.  I think the only candidates would be large cap stocks with little or no dividend and have a large open interest on the options.  You'd have to be able to enter the strategy at a very low time premium which may or may not be the deepest ITM LEAP....I've seen cases where this happens occasionally.

I'm certainly getting the consensus that LEAPS in general are not well regarded by some of the veterans (primarily due to time premium and/or ownership with dividend), with more of the "successful" trading being done with shorter term strategies.

Great topics on the forums and thank you all for your comments.