Collar (Risk reversal) strategy on losing position

I sold a PUT on SMCI right before it tanked 35% on bad news during premarket, the PUT had a $400 premium. The position was a 480 PUT expiring next week. At one point it was down $8000

It recovered a bit during the week but tanked again today, currently trading at 435, I'm currently down $4300. I bought a 400 strike PUT today because I fear it could tank further so my risk is now capped at $8k, this put cost $500

I have next week to see some recovery but I thought about selling an OTM call, at 460 or so. Currently this has a premium of $1k(33 delta).

I have the long put in place as protection over the long weekend I figured next week if the stock rallies up a little I will sell the call then. If it does I can sell a higher DELTA call.

I understand this is essentially similar to a collar strategy. Good idea or not?

I highly doubt the stock will go back above 480 next week, so I'm trying to minimise losses.