Can’t I just buy the stock again if my call is assigned while I still own the put

This is a feasible solution…But, the risk profile of the trade would change significantly if you repurchased the stock at a much different price than where you were called out. If the stock was assigned at a price within a few pennies of the call strike, then you repurchased at the few pennies higher price, the risk in the trade would be close, but if you sold a 50 strike call, and the stock went to 56, you were assigned, then you repurchased at 57, you missed out on that 7 points of stock appreciation, so your risk in the new married put would be much different.

Let’s say this was my initial position:

Buy to Open 100 shares XLE @ 45.83
Buy to Open 1 SEp 55 put  @  11.80
Total Cost into position     57.63
Guaranteed by Put            55.00
Total At Risk                 2.63, or 4.6%

Let’s say at some point, I sold the 50 call for $1.50.  Selling this call does go against the rules outlined in The Blueprint for Income Method #1, however.  We always want to sell a call that is at or above the purchased put strike price.

My new at risk amount is $1.13 (assuming I keep the premium).
Now, the stock shoots up to $57.00 per share and I am assigned at $50.00.  I let myself be assigned and buy the stock back at $57.00 per share.  My new at risk would look like this:

Initial Cost Basis = 57.63
Monetary from Assignment = 51.50
Total Loss (not including Put value) = $6.13
Repurchase Stock @ $57.00.
New Cost Basis = $63.13
Guaranteed by Put = $55.00
New at Risk amount $8.13, or 12.8%.
Another way to do this might be…

To lower this value, instead of buying back the stock, what if I planned to let the covered call be assigned but before expiration sold a near term, 57.5 strike put for about $0.80 (the put would have to have at least $0.50 of intrinsic value as the stock was at or near $57.00).

Now, at expiration I am assigned on the $50.00 call:
Initial Cost Basis = 57.63
Monetary from Assignment = 51.50
Total Loss (not including Put value) = $6.13

And then allow the stock to be put to me at $57.50, but keep the $0.80 premium?  I now have:
Repurchase Stock @ $56.70 (57.5 assignment – 0.80 premium).
New Cost Basis = $62.83
Guaranteed by Put = $55.00
New at Risk amount $7.83, or 12.5%

So, the Naked Put sale would cover the commissions and would not increase my risk as much.  In either case I can still sell calls as the stock moves up to recoup those costs, by either selling the 60 call or adjusting the put option now that the stock has moved up.