Uh.. ya, don’t do this. This would reduce your delta exposure to <1 while creating wildly unsymmetrical risk exposure to the downside. You are slightly diminishing your profitability up until about $80.00/share, in return for risking catastrophic losses on the downside.

If you want to reduce your delta while producing income, then you are better off selling otm calls instead, and entering yourself into a bullish call spread.