You must really enjoy traveling and/or be single to put it this way. Many would take a pay cut to get off the road and be home with their peeps.
If elite status is really important to you, how much would you pay to earn it? either outright or via mileage runs on your own dime. That's a good starting point. I personally don't fly enough to qualify for status legitimately, but enough to justify wanting it. Therefore I do MR's when I can't buy my way in somehow. It is still cheaper than paying for premium seats.
I'd play it cool with your bosses. I don't think many would consider loss of elite status as something to negotiate salary over.
Traveler