I am considering this myself. Have a LEAP in one account, and 100 shares in another. I just checked, and I could sell the 100 shares and get 3 800+ DTE .80 delta strikes (or diversify).
My only qualm is macro uncertainty...
sort of, yes. Rho is interest rate sensitivity. But in absolute basis, it's just the time value or extrinsic value, that buyer of a call pays, to compensate for leverage he gets to enjoy.
With LEAPs, it's minimal - but nevertheless there. If it were negative, the holder would just "exercise" the leap option.