I had success doing something similar at a previous company. I was able to switch to part-time at an equivalent hourly rate. My reason was that I was finish to go to graduate school simultaneously. I wasn't able to keep most benefits, but it wasn't a huge concern since I was young and still in grad school. The company got a good deal (without benefits, they got more work per dollar), and I got a good deal (in finding a part-time job at a higher rate than I would have anywhere else.)