Thanks for the kind words.
It seems to me that if exercising the long LEAP could be done on the same day, it should be even easier to outright buy the stock (if there are sufficient funds) that day and avoid the loss of the LEAPS time premium. That does not address the broader question that follows, but if we assume for the sake of argument that exercising the LEAPS on the same day is an acceptable remedy, buying the stock outright should meet the same time requirements and would generally be preferred. Am I missing something on this point?
Your point is right on the money. There would be no problem buying the the stock outright and it would be a better deal than exercising the LEAPS but as you say that would require that sufficient funds be available and this could easily be a significant amount and cause overfunding violations if the funds were not already in the account.
I am not a big supporter of liberalizing option trading in IRA's because of the suitability issue of speculating in an account meant to fund your retirement years. Some option strategies fall in this category, some do not.
Regards and good trading,