I packed in my job in March of this year and can just imagine what you must be putting yourself through. If you decide to downshift the waters may well be stormy for a while and you might find resistance (or resentment) from the most unexpected quarter. In my case all offending parties said later they would change their working arrangement without hesitation if they could, so perhaps a bit of jealous knee-jerking there.. It didn't last long.
In explaining my current situation to others I vary my description to suit the situation, it's a chance to have a little fun. If it's to someone I worked with at some time I say I'm retired (I've just turned 49). If it's to a sales-person (cold call, time share etc) I say I'm unemployed. If it's to friends I say I'm a kept man, housewife, sofa-loafer or setee pilot. And finally if I want to impress someone I tell the truth and explain that I'd had enough of my job and simply jumped ship. That one usually knocks them for six.
It's worth bearing in mind we go to work to improve our quality of life. If your life isn't being improved as much as you feel it should it could be time to re-think. I'm really glad I did, loads worse off for money but so much richer in life.

Best of luck

Martin