I did the same. It worked well. Do not ask for a pay cut, one thing you must consider is that you might need to become contractor. My company made me a contract

I did the same. It worked well. Do not ask for a pay cut, one thing you must consider is that you might need to become contractor. My company made me a contractor because I was working out of state and it was easier for them to keep me as contractor. A contractor is self employed, and you actually pay a lot more taxes (and the company pays less).