Exactly what I did. I didn't realize I was approaching it as an optimization problem, but I knew that I wanted to get enjoyment out of college and have a degree and GPA that would get me a good job.

I switched from a Computer Science Engineering major to just Computer Science. It saved me 100 more credits of work and gave me the chance to take great courses like beer brewing, samba drumming, plant identification, and history of rock'n'roll. Not to mention all the time I had to spend with friends and enjoy my hobbies.

Graduated with the bare minimum GPA (to a 0.01) required for Honors, and got a great job. Life is definitely more important than the 4.0, and the fancier degree.