Hi returnofaking,
Take the hedge fund and go in the weekend flying.
I also left aviation industry last year because it was getting insane. Like a previous poster have posted: companies are no longer looking for experienced people but for young fresh newbies. That was also my experience and frustration when i was still flying.
This industry is rotten to the bottom. I have no regrets about my decision. The only thing i m missing is the take off and landing with the jet. That's it. I left the banking industry for aviation in the late 90's. BIG mistake!!
If you want to choose for quality of life: take the job.
Good luck!!