Anyone ever sell OTM covered calls on SPY every other day as an investment strategy for long term?

Here's my plan. Buy 100 shares of SPY. Sell OTM call (at least $5 out) that expires in 2 days. Worst case scenario, I make $600 in 2 days ($100 premium plus $500 in capital appreciation, but my shares are gone and I miss out on more gains) if the SPY goes up a few percentage points. At that point I can just start over again. Best case scenario, SPY goes sideways and I just collect $100 – $200 every other day in premium. Since I have the intention of just using SPY as a long-term investment (10 year time horizon), how is there much of a downside? Has anyone done this for any amount of time? Possible strategy also includes buying 200 shares, selling a near the money covered call that expires in less than 2 days.