This strategy is called "picking up pennies in front of a freight train". That being said, I've done it, my own conclusion was that it was better to do it infrequently, and naked, rather then all the time because all the commissions and slippage on all the hedge options killed what little profit there was. I used to do it with Google earnings, those came out on expiration day so the IV on the far oom would still be really high. I never got burned but it made for some sweaty nights.
Doing a quick check, it will only take a $10 dollar drop in the SPX for your stop to be hit. Considering the SPX has a current ATM Ivol of roughly 12, your stop will be hit every other day! That's much different than 95% win rate! That is not accounting for vega convexity! The strategy will most likely be selling vol when things are great and buying the puts back on every down move (when they are most expensive). Losing game if you ask me. Your selling crash protection. If a crash happens you pay out just like an insurance company would. If you try to hedge your risk or close the position out on any bad news, you will most likely be giving away all the alpha.
Basically you are saying the market markers' models are wrong and yours is right. If you want to get paid taking risk go long that stupid ES instead, or long some other options with higher delta and longer duration.