I do something like what you are saying but with selling covered calls while I am long a stock. A quick search online will show you strategies like this. It is not uncommon for more active equity traders.
I mostly play long cycles in the equity market instead of trading. When I do trade equities, I play one or two stocks that I know their behavior intimately. My very active trading is mostly in futures and currencies.
Yeah, thanks to put call parity a covered call and a naked put are basically the same thing. (I wonder if it's in some more general sense similar-ish to lending out your long equity to short sellers?)
Having said all that, I'm an indexer at heart, and working for Bloomberg I'm not even allowed to trade the more interesting stuff.
Figure out from fundamental what you think is a decent value for the stocks in question, then write puts for that strike price.