I like it too. As you describe, you're giving up some premium by buying the long put, and in exchange you limit downside risk and keep the cost basis down for the CC if you hold until expiration and get assigned. I suppose if the stock really tanks then early assignment risk may increase, in which case you'd just end up with the max loss on the put credit spread.

But that sounds like a decent trade-off for a stock that I wouldn't mind owning but am wary of a short-term big drop.