Taking a pay cut is one thing, working for free (just equity) is something else entirely. Not sure if the current situation gives you any kind of an advantage to recruit people for equity only compensation. (If I understand the top post correctly).
And the shorter work week will help you attract the higher quality of talent who are willing to take a paycut in order to get more free time.
If someone is good enough, why would he want to work his ass off for 12 hours a day for someone else. That type of workload is co-founder territory.
Having a great life-work policy as a startup may net more good people than wanting them all to work 80 hours for little pay and the promise of a payout. You will burn them out. That helps no one. Give them time off. Treat them well and they will do good work.
Also by not paying them well they will have to work smaller jobs outside of work. You NEED them to do this for the longevity of your company if you will not pay them. I have heard of companies barring people from working outside of their current job. They'd have to offer me more to have me sign.
But you do have some other options.
You can give out different titles, lets say someone is just starting out, and you start calling them senior developer on paper, no impact now, but for their next job they'll be able to ask for a lot more money .
The stock options etc have been mentioned, so I won't cover it.
Office space, stay away from the cubicles, and have a relaxed policy.
Workhours, instead of working 9 to 5, offer them to work 10 to 5. + have general flexibility, better to have a good programmer for 4 days, than have someone crappy for 5.
Basically use small stuff like this to make yourself appealing to a certain niche of programmers. So that they'll be much more willing to take a pay cut and work for you.