You wouldn’t be trading away any hourly rate. You’d simply be choosing how and when you want to work and lifestyle improvements don’t preclude locking in market rates for the job.
Put it this way, there comes a point when the lifestyle is so rubbish that the money can’t make up for it because your health and relationships suffer. People walk away and others don’t join. I’m just saying that I think Airlines will realise that giving pilots choice in their rosters is a cost effective way of maintaining a stable workforce. Maintaining a stable workforce is becoming an issue for Airlines. It shouldn’t take them too long to analyse the options and their relative costs.