The Spicy Wheel (sell weekly ATM puts, add leverage and buy protective puts)

I'm new to the wheel but already fell in love with it (thanks u/ScottishTrader for discovering it for me). I only paper trade it now to get some experience and start losing money later. As any other young newbie, I’m bullish on stocks and greedy af so I was scratching my head to literally reinvent the wheel. Here are the genius ideas I came up with (I mean copied them from other actually smart people around here and glued them together). I ask the elders now to slap me and patiently explain how this blows up my account by year end:

1. Stock picking is the most difficult step for me because I hate stock picking. My plan is to select 10+ companies I’m OK with owning for 6+ months if needed and to mentally withstand a major storm (50%+ price drop) because I believe the price recovers sooner or later. I plan to wheel some risky stuff I enjoy (MSTR, TSLA) to add a bit of flavor (20%), but mostly (80%) boring blue chips diversified across a few sectors.
2. Money management is the other tricky part. The original wheel is relatively low risk when the sold puts are fully cash secured. On the other hand, I don’t expect all of my picked stocks to tank 50%+ simultaneously. Because I’m a stellar stock picker. Pun intended. I’m also very greedy, risk tolerant and wanted higher risk/reward than the original wheel. For these reasons I plan to keep open positions with total size of 2x margin leverage of the whole account in case I get assigned on all positions. For example, if I deposit $50k and only trade stocks with exactly $100 price, I will start by selling 10 puts. Very risky, I know, but I’m risk tolerant and don’t mind losing 80-90% of the account in case of a major stock crash for the benefit of the higher profits. I do mind losing 100% though, more on risk management below.
3. Sell weekly ATM puts on Monday morning because theta decay, higher premiums, don’t mind getting assigned, etc. I might buy the puts back if 80% profit is on the table before expiration and open new position higher.
4. I don’t roll the sold puts to avoid assignment because I don’t see the benefits. Obviously, I’ll get assigned soon and often, but I don’t mind that due to the reasons well explained by u/Machiavelli127 – thanks!
5. Buy protective puts 120-150 DTE with strike about 30% below current price. The reason is protection against major stock crash to be even remotely able to consider the aggressive leverage (see 2 above). Using options calculator, I estimate this lowers and caps the max loss by 50% in case of a 50% drop. I plan to roll the protective put about 60-90 DTE to limit theta decay. It should not be too expensive, preferably covered by the premium from the first weekly ATM puts sold.
6. When assigned sell covered calls with strike at cost basis or above. Not yet sure whether weeklies (because theta) or 30 DTE to give the stocks more room to grow. Basically, turning the position to a diagonal bull collar. I’m also considering whether to roll the calls if price shoots up or whether to buy them back at 80% profit and sell a lower strike if price keeps dropping. I welcome any advice on how to manage covered calls too.
7. Rinse and repeat when stocks get finally called away by some lucky WSB bastard.

Very interested to hear your opinions, especially on why this would be unsustainably risky, thanks!