What you really need is the ability to avoid the occasional disaster. To know when the meltdown is coming and get out of the way. I'm not that smart to be able to predict that, so I learned early on to always buy the wings. Most of the one-or-two-day blowouts I have witnessed have been guys who were short gamma. Selling premium can be very dangerous.
What scares me is the potential "overnight black swan" event. Adjustments with options and/or underlying can be made during RTH; however, after hours becomes a horse of a different color... a stop order for the underlying (or futures equivalent) would be my best bet at guarding against the "overnight black swan" event. Bottom line... There's no free lunch... It all comes down to risk/reward/probability...
A stop loss order in the underlying may be meaningless if there's a huge gap down in a swaaaaaan diiiiiive. Only long puts will protect against that.
And how many times will your stop order be hit by the random, meaningless spike.. like the 10-pt one move in ES at 17:26 EST yesterday.