I think you may be missing two other important greeks here: vanna and volga
Theta is not balanced by gamma only, it is balanced by vega, gamma, vanna, and volga.
So, when you ask is there an established way, by which I think you mean is there a way to more or less have a free lunch, the answer is no, not really.
You will need to take risks, i.e. leave some things unhedged because you have a view on the market, to earn (or lose) money. Going back to your question: no you can't earn theta and hedge gamma and vega, unless you were really meaning (but I don't think you were) to leave your vanna and volga unhedged - which boils down to having a view on correlation and the vol of vol.
I would recommend everyone interested in this topic to try to get a hold of the not publicly available paper by:
M. Arslan, G. Eid, J. El Khoury and J. Roth, "The Gamma-Vanna-Volga Cost Framework for Constructing Implied Volatility Curves", Deutsche Bank Working Paper
This is a very illuminating paper. The only thing they missed is the Vega contribution to theta (which arguably could be smaller than the other components).