You can achieve the same result by just buying the 32.5 straddle and you'll save 5 B/A spreads and commissions. On an expiration basis, IV will not be a consideration. For a one day earnings play, it will. You will not have 12 hours of non contraction enabling a possible mve. If IV expanded pre earnings, it will contract first thing in the AM. How much and how fast is the unknown. The straddle will also get a little more bang for the buck to the upside since it has less drag. Slippage is going to bury your position.