Take the Money
In my mind you have three choices -
1. take the money and be happy
2. take the money and start looking for somewhere else to go
3. take the money and keep fighting for more.
To turn this down and start CC? Weigh the possible up and down sides. How much do you have to gain?
We have turned down raises in the past. Terry Hayes' one regret was turning down the 5% the company offered. We never got it back. We have tried CC and that ended up with 49 guys out of a job, a few deaths, a few nervous breakdowns, many, many many stressed out pilots, ...
CC is best kept as a threat. It is all you really have to pressure the company with. You really can't expect too much more than what the company offered for pay alone, so why waste the only bullet you have?