I used to think that I'd like to do that, even if my income came down quite a bit.
But then I enjoyed a busy summer, travelling up and down every weekend (not even the full week, but typically Friday lunchtime till Sunday silly late in the am - technically MOnday)... and I changed my mind. The 3 hours or so playing each night were great. I even didn't mind that I didn't always have my own room and had to share with a tractor (that's our guitarist, who snores like one)... but the WAITING AROUND was unbearable. I liked the guys, we got along great, but it felt we were stuck with nothing to do for far too long. Free beers are welcome, especially when it's warm... and coming home with a good wad of notes was great (even if it paid less than my day job, somehow that money seemed more valuable)... but it was BOOOOOOOORING for hours and hours each day.
I really admire bands who are out touring all over the place for months at a time. I'd go crazy... I'd have to find a way to bring some kind of activity to my day... bring my bike so that I can cycle in each new place, I don't know... but even then...
What I'd like is to be able to play good paying gigs within a 70 mile radius a few nights a week. The kind where I just drive and show an hour an a half beforehand to set up things, play, get money and go...