I have always had an open mind with the philosophy of having to 'take one step back to take two steps forward.' However, I will think very creatively and explore every possible solution before making that 'step back'.
When I switched jobs because of the lack of career development, even tough it was for more money, I worked longer hours and had a longer commute. But it did open up doors and I gained good experience.
Then when I got married, we moved across the country and I took some time-off. I ended up taking a pay cut at my next job at a new city with a higher cost of living. That however was offset with a lower commute time and higher quality of life for me.
A year after that we had kids and I wanted to work less hours and have flexible hours. I found a place that paid more, less hours required, and very flexible hours. I was able to do this because I was lucky enough to have options to choose jobs not purely for monetary considerations.
In your situation, just because you take an initial pay cut, it will be temporary if you really apply yourself and gain new skills. The only thing that would worry me in your situation is your description of 'semi-leadership position' and 'potential' for career growth. Before taking the position I would be very upfront with them about your expectations and have them validate it. Nothing worse that leaving your current job for a job that does not meet your expectations with a pay cut.