Alternatives to sp_indexoption for Row Locks and Page Locks in SQL Server 2008
If I understand you correctly, a better way is to use TABLOCK hint to force a table level lock in the query that needs it (example: delete from a heap)

UPDATE SomeTable WITH (TABLOCK)
SET ...


INSERT SomeTable WITH (TABLOCK)
...


Personally, I wouldn't set it globally in the CREATE INDEX statement...

Also, the MSDN page for sp_indexoptions states


  This feature will be removed in the next version of Microsoft SQL Server. Avoid using this feature in new development work, and plan to modify applications that currently use this feature. Instead, use ALTER INDEX (Transact-SQL).