Sheldon here. Wheel and frame. $15 MEC u-lock.
If they want your bike they will take it. I prefer to limit the crack heads and teenagers who want a fixed rear wheel for their conversion.
$100-$150 lock setup or $200 deductible and I can ride 30 pounds lighter? I dunno, just had so many bikes stolen over the years that I never le the bike out of my sight. Never had a lock defeated, it's always been a break in or me leaving it unattended for 2 minutes tops.
Line of sight. Simple lock.