The Hardball Times uses (or used to use) a stat called GPA, Gross Production Average. It is similar to OPS, but weighs OBP more heavily than SLG, 1.8 times to be exact. The formula also divides the sum by 4 to put the value on a scale similar to BA, which makes it a little easier to understand in relative terms. And it's adjusted for park factors.
GPA = (OBP*1.8 + SLG) / 4
That said, OPS has a strong correlation to runs scored, so it works reasonably well. That said, IMO, wOBA is a better stat.