Given that treasuries don’t have a lot of headroom, I have modified the levered hedge to UBT/UGL/UVXY. UVXY seems to be very suited for this role, as it is not a flight to safety item like TLT, but it shows volatility of people fleeing. Have you LI guys looked at something like this in hedging?
UVXY is linked to the 1.5 x S&P 500 VIX Short-Term Futures Index, so like being long VIX 1-3 mo futures.
That will work well in troubled times when VIX spikes, but on a long run it permanently loses value due to the Contango in the VIX futures curve. See: https://finance.yahoo.com/chart/UVXY
If you set it up as a permanent mix-in with a fixed % it may work well as a hedge, but eat some of the expected returns.