The short answer is ...no. I am VERY bullish on GOOG overall, as everyone knows. Sharee-wise, GOOG is a rather easy play and always has been since my first entry at about 130. Option-wise, yes, it can be risky to very risky, but I have done extremely well on call options and have also done QUITE well on puts (when occasional needed) since October 2004.
I hold positions in many other issues and their options. Not just GOOG. I'm fairly well diversified to my liking.