I've made some money with this approach but, after a while, it feels like you're picking up pennies in front of a steamroller. The thing is, most times, OOM put premiums are very low, especially when the underlying stock is already highly depressed. So, you'd have to sell a lot of them to make a decent premium, especially if the maturity date's pretty far out. And if events work against your favour, and the stock price does fall below the strike, you'd have lost a lot more than the premium you earned.
It was a good income source when I did it but I couldn't convince myself that I could keep doing it over the long-run. So, funnily enough, I've moved from "value investing" towards "beta harvesting", the exact opposite direction to your evolution as an investor.