You would not be making a profit by selling just before the ex-dividend date, because while the stock usually does decline by the amount of the dividend, the holder of record will get that amount back from the company in the form of a dividend check.
Edit: OK, based on your additional comments I see what you are driving at. However, this still would not work, because the difference in the spread (difference between the option bid and ask price, which is much larger on options than on the stock) plus the commissions you pay for both trades (even on an online discount broker's site) is probably much greater than the dividend paid out, so you would still end up with a loss. Then, most MM price their options based on the Black Shoales model which takes into account any dividends paid. On top of all that close to half the time the price move of the underlying stock goes in the opposite direction of where you expected it to go, dragging the options price along in tandem and this magnifies the loss. So no matter what you do, you don't end up with the cherries but only the pits.
But you know what? We live in a free country and you can do just about anything you want. You test your theory on 5 trades and if you lose on four of them you will probably be cured of your desire to do it again. But I wish you good luck.