Yes we all know that the swap is built into the options, but all options have a certain amount of time value, that's the whole point of them. The question is whether or not the time value that you would receive is greater than swap you would pay. In other words there is still extrinsic value in the option. That way you will get full protection while the spot price is still above the strike price. Did you read my above post? I gave a real time example of what you could do. Unfortunately though the USD has been skyrocketing lately, and the market makers aren't offering deeper in the money calls right now. Maybe wait till the AUD/USD gets back above 80-85 then sell the 75 call.
The trade is as I outlined. Putting options into the mix will increase your risk, not mitigate it. I don't care if you call it "delta" or "vega" or "theta" or any other factor you'd like to add. It's adding risk. Was I unclear about this?