Should an LAE be paid the same as a Pilot ? no - totally different skill set and whilst certifying for safe and correct maintenance, an LAE will never have the responsibility level of a Pilot.
Should an LAE have the same respect as a Pilot ? That is something both have to earn - neither receives it as a right and many in both trades/professions are simply not worthy.
Pilot's have many levels of experience. I for one believe than an LAE/AMT with through systems knowledge on the same often (usually) more airframes than the equivalent pilot does holds a rite to the same pay. We often do start out at the same pay level but with 10 years experience fall short.
Our skill set becomes defined, hardened as does a pilots. We learn more and more quickly how to define and resolve a problem just as pilots do. We are challenged with new technology, just as pilots do. We are responsible for the aircraft we maintain just as pilots are that fly them responsibly.
We follow with pride the same manuals that are issued by an aircraft MFGR.
We call an aircraft airworthy, based on our skill set and experience, a pilot operates that aircraft safely based on our JUDGMENT!