There is a reason the MAR/APR NG spread is called the widowmaker... Still, you have to stop thinking about tail risk as something that only can happen in outrights. Tail risk is an even that can only happen on a portfolio level, meaning YOU have to identify what tail risk means to YOU. If you're scared of a stock market crash, buy a broken wing put fly or 2x1 put ratio spreads. Don't try to overcomplicate things by rolling your tail risk into a structure that you don't fully understand...which is basically how you expose yourself to tail risk^^
Interesting that you mention a put bwb as a potential hedge. You would have to be pretty precise with where you think the market would fall to. Lets take spx can you give an example of dte and levels where you would set this up thx.