Happiness, definitely.

I started my career in the private sector and it was clear pretty early on that I wasn't happy there. I liked my actual responsibilities well enough, but my quality of life was horrible. I found something in the public sector, took a pay cut, and now work fewer hours on a more flexible schedule with better benefits. For me, it's been worth it.

Indy's soul-searching questions are good ones. If, after exploring them and considering the financial implications, you still want to do this, I say go for it!