If by an individual investor you mean something like the average investor, then the answer is an unequivocal no: first of all, the average investor probably cannot sell put options. In order to sell put options, you have to be very experienced and climb up the option trading approval levels.
Second of all, there is no such thing as risk that can be hedged easily - not if you want to keep the profits that you're going through all of this trouble to earn. And this brings me to my third point: what exactly would be this investor's strategy? How would she hedge the risk? Where exactly (i.e. at what price / time / conditions) would she write the options? And which options: on what security, at which strike price, at which expiration? When (again, under what conditions) would the trade be closed? Would the option be held till expiration, whether in or out of the money?
I have no doubt that many option traders have good answers to these questions. However, with all due respect, I am not sure that the average investor even understands some of these questions. So no, for the average investor, selling put options without a game plan is not a good idea.