In almost every case, I'd say "no", I wouldn't accept stock instead of cash, at least not at a one to one correspondence. The only case where I would, would be if it were a stock grant of actual shares, not options, AND if there was a real market for the shares (either the company is public, or there's an active secondary market) AND the shares don't come with some weird clause which pushes the date that they can be sold out so far that the price is likely to vary a lot between now and then.

The chances of all three of those conditions being true at the same time is approximately zero though.

Generally speaking, I treat stock options as worthless, especially if it's a company where there is no market and no known price for the shares. It's easy to wind up in a case where exercising your options would cost more than the stock is worth, by the time you're able to exercise them.

A stock grant is worth something, but those are much less common. And how to value them is, again, dependent on "is there a market?", "are there restrictions on when and how I can sell them?", etc.