Question/Call for Advice: Would you take a job for 4 day work week, but with paycut for the 5th day?

I am looking for another part time job and there's a company that does above.
It's less than my current base salary, but hourly rate calculated, it's roughly the same - minus the 5th day worth of salary.

In my bank I have six months worth of cash to float me for emergencies.

Question: if I were to do this to force myself to give time for me to figure out a side indiehack business, is that worth it, or is it a bad/unstable choice?