If you want perhaps more direct correlation and aren't worried about LINE going above $20 in the next 31 days, you could consider selling LINE April 2009 put contracts at a strike price of either $20 or $22.50. The $20 has a bid/ask of $5.60/$6.40, so you could perhaps get it at $6 (I use limit orders on options where they are not actively traded, which is the case with almost all MLPs). A $22.50 has a bid/ask of $7.60/$8.50, a mid point would be about $8.10.
**** slight flow here **** but agree mostly here is why I think if you are bullish you are better off doing a buy write since with put options you would not get the dividend of $.63 and if you sell out of the money say 22.5 calls and you would pocket the premium on top of the dividend.
I don't think your perceived flaw applies in this case. The suggestion was specifically addressing a question by an individual who must sell his/her units for tax reasons. Buying units and doing a covered call was not an option for wash sale reasons so option strategies were limited.
The option strategy suggested only needs 31 days and no distribution will be declared until, at the earliest, February 2009. Plenty of time for the option strategy to work, close the option position and be long in time for the next distribution if that is the wish of the investor.
Actually, if one has no concerns about wash sales and is bullish on unit price, there are better strategies than a straight buy-write.