Also just noticed from your duplicate post you're actually looking at making this election for an ISO instead of NQSO - you did mention ISO in this post but I totally overlooked it.  This makes even less sense because you would effectively forego the preferential tax treatments for ISO under §3401(i), etc.  You probably have good reasons but just in case you do not fully understand the different code sections that apply to statutory and non-statutory options, you may want to read up on these before advising your client.