If you are short term trading, buy TMV with 3 x leverage Long term not recommended because of annual price decay. Stay away from the options. Too little volume and high spread between bid and sell prices. Just my opinion.
I would not recommend shorting TLT as you will have to pay the TLT dividend to your broker each month.
IMO, the best and most conservative strategy is to sell out-of-the-money TBT puts on the forward month. For example, if you have $15K to work with, sell 10 put contracts on the Sept. 15 strike price. The last trade paid a premium of 41 cents a share. If you sold 10 contracts, you pocket $410 on that trade (minus commission). Continue to sell the out-of-the-money puts each month until TBT drops below your strike price on expiration day and then you will have to buy the shares. Using this method you will earn a monthly premium of around 2% to 3% on the money sitting in your account until the stock is "put" to you. Good luck!