Have you ever taken a significant pay cut for another job?

I have not done so, but what you describe was common in the manufacturing plants I have worked in. A machinist or operator moving up to supervisor would see an increase in base pay, but no longer gets overtime resulting in a "pay decrease"

This was how many guys off the floor worked their ways up in the company to manufacturing / process engineer and even Plant Manager. I dont see that as likely as it use to be, mainly because most places have education requirements for these jobs as well.

What I would look at is the expected job progression and how many opportunities you would have for advancement. Will you break even / exceed your OT pay in 2 years, 5 years? Will the new job experience make you more marketable to a competitor?

Taking a pay cut now could completely change your career trajectory, you just have to try and decide what the risk / reward is.

by the time I get it it will probably have been a year. luckily the wife and I were in a position financially for me to do this.

I am about to take a 30% pay cut just because I believe it affords me a better quality of life, better benefits and more autonomy. I wish it was only 9.5K. I'd say go for it and don't look back.

After 30 years in the work force I say you always take the quality of life if you can afford it

I made the mistake of grinding the job as a young man and I missed out on a lot of things with my kids. I woke up one day and they were all over 20 years old. My advice to anyone is don't do that. I have enough money to retire in my early 50s. So what, now I can watch my kids grow up? Too late for that. I actually work now mostly to help them be able to spend more time with there families.

I took a nearly $20k drop in salary for my current job. I've never been happier and I actually save more money now than I did before.
It was a wake-up call for me and showed me how much money I was wasting before and how much I could save.
Never. Been. Happier.

I have you all beat percentagewise; taking the pay cut was one of the best decisions I ever made.

Buddy of mine left Axiall for Exxon. Went from $34/hr to $24/hr.

I may be doing that soon. I turned down a job making 60k/year out in Texas in the hopes of getting something closer to home. What I get here may pay less. I did so because my cost of living is much cheaper here than Houston and so I could be closer to my family and my SO who still has a year of school left.