I'm still intrigued by the idea, and want to investigate it. Unfortunately I have been totally swamped by work right now (curse of the working class), and haven't had time to breath, much less think much about interesting things like the oddities of KMR investing.
Your last message did clarify one thing; Your idea is to sell about the number of shares you would get as a dividend before the x-div date, and take the proceeds to repurchase after the dividend, right?
My one immediate thought is: if this is a good idea, why not sell ALL your shares before the x-div date, and repurchase with all the proceeds after the relevant dividend-related date? If you are investing inside an IRA, capital gain doesn't matter. You are still taking some risk...if KMR were to soar while you are out of the market, you miss it. But that is a risk whether you sell 2% or all of it (its just a scale question). Of course, if KMR tanks, either with the market as whole or because of a KMP/R event, you would rather be out of it anyway. That is all typical market timing risks though. It is just striking me (sitting here worn out from a 5 day crunch period of work) that if the fall in price post-dividend is so attractive and predictable, why stop at 2% of your shares?