[darthtrader]

waveslider, you might want to check out Jim Leitner's interview in Inside The House of Money. He has some interesting ideas on buying options and as he puts it "paying someone else to do your risk management for you". He uses a much longer time frame though than a week. I'm not there are many valid strategies for buying options on that time vs the stock as i would think any benefits you would gain from diversification you would lose on the spread and eating theta on the overall portfolio.
I would think you would be much better off going with strategies that are short theta.