Huggy,
Your plan has merit, but one big drawback.
You DO have to go back in for 5 years. You DO have to fill out leave when you want days off. You can get shacked for 90/120/180/1 year bad deal non-flying gigs. You actually have to do all those ancillary training squares than a good NCO can make "disappear" for a part time guy. In other words...you still have to a full time guy. Beats working...or being unemployed...but its dang hard work some days.
I know its got its merits...I considered your plan when I had the chance. However, these days a great week is an F-15 sortie, a nice day trip somewhere in a 727, and a weekend jaunt in my Navion. Even if you come out on top money wise, that Q of life is worth something. Everyone has their own matrix, and there are no universal answers.
And Moose--your math is valid. However, if you were lucky enough to grab a nice piece of property during at the right time 2-3 years ago you might have more than made up for lost retirement wages with some smart investments. I won't knock living on Uncle Sam's tit as a very solid option, but its certainly not the ONLY way to make an income. The nice thing about NOT being full time is it allows you the time to pursue those other options that interest you. I've seen more than a few pilots make up what they bypassed with a retirement check with other sources of income.
Good luck to all--its an agonizing choice.