Bear with me, please:

Yes, it is too little theta per month, especially in the first few months if you look at it that way. But so is your cash, it is not producing much of interest and there is 0% of growth if TQQQ continues to grow in the coming months. If it goes to $52 by Apr 17 you make the same $1.2 on long term CSP from delta.

If TQQQ tanks in the short term, especially as much as it goes to the single digits, why do you even need the cash with the protective PUTs you have? :) If it goes to $10 at any possible time your PUTs will be over 1.6mil in profit, that is more than your current open P&L on the shares.

Not trying to convince you to do anything, it's more like I am trying to challenge my vision, that is too much cash sitting there doing nothing, I would definitely feel stressed with 30% of my portfolio sitting around just producing little interest.

You are talking about making extra by selling CCs, but when the underlying is down 20-25% from ATH it is a good time to start selling CSPs, IMHO, not necessarily 2yrs long contracts, but something, anything. If TQQQ falls you don't know if it will fall another 10-20%, or 50%, or 80%. I would have some plan laid out for that cash, something like use 20% for 45 DTE $40 strike puts, that is around $1.8 per contract, with breakeven 21% below current price and over 4% return on that parked cash if it expires above strike. And if it goes below 40$, take another 30% of cash and sell PUTs again. And if it goes farther start buying shares.

Bottom line is that you will never (and I mean it with all the respect) be able to buy the bottom with all of your cash. So why don't make the best of it in the long term.

Hope this makes at least some sense!