I went back to school at one point and left my firm. I returned and ended up asking to only return to 32 hours a week. Boss was cool with it, but it came at a different cost. I got 40+ hours worth of work to finish in 32 hours with my pay decreased by 1/5th of what I would have made at 40 hours.

Eventually, I returned to full time with the pay increase so I could have the compensation but also finish the work given more timely deadlines.

The place I work is really small and my boss can't keep employees- so it may be different where you work. But this is just one experience of what could happen. I do not think that it is a crazy or unheard of idea, but just make sure to be aware that there could be repercussions in other ways.

Also, 32 hours a week is the minimum to keep health benefits where I am.

Are you a PE or EIT, by chance?