You've got some model of richness/cheapness. From that, you have your raison d'etre and, when combined with your view on utility and expectations, a money management strategy. Putting all that together is your business.

My only opinion on the matter is that you should try to stick with leading from long gamma. You can sell vol, but you'll survive longer if you keep net long gamma. As soon as you get gamma'd, you're out of business. It can go so far against you before you even realize what happened.