Charlie Pop,
Yes, I asked management why we don't have flexible crew matrices on longhaul some time ago and the response then was that the airline was making most of its money through the sale of premium tickets (ie fully flexible fares) and the feeling was that the saving would not be worth potential costs in limiting those sales.
I am sure the current situation is very different and the option could be very workable (as I am told that it is those high yield fares that have gone away).
The other balance that would have to be considered would (I guess) link to your other comment...if a 747 left with 12 crew and one person became sick or injured we would be returning with one door unmanned, so the overall stability of the operation could be affected.
I have not seen any light loads yet...because the current response has been to sell a LOT more of the cheapest fares...and fill the aircraft at almost any price. Plus reducing flight frequencies means everything has been full. I was talking about this on my last trip. Perhaps this policy is just a very temporary measure?
Clearly, the planned 14% reduction in c crew will mean a reduction of heads and hands onboard, but how the airline will eventually decide to manage that cut will depend on what their larger/longer strategy is. No doubt Mr Walsh will indicate some part of this at the AGM.