Hi Craig,
I think you should ask yourself if the role is one you really want, also if you have long term aspirations, what effect would the move have. If you do really want the role (and / or it will be beneficial in the long run) AND you can live with a (I assume) sizeable pay reduction.. then go for it...
If you do take it, are you going to be on the Front line, or are you going to spend alot of time looking at reports on your team, their utilization, their customer sat scores, running post mortems on negative feedback etc...