Most decent programmers will find themselves in your position at some point in their careers. I did too. I know nothing of your financial situation and commitments (mortgage/family/etc.) but don't take a pay cut if you can at all help it. The fact that you feel any uneasiness would seal the deal.
I would readily agree to a pay cut in only the following situations :
1) Need a job desperately and gotta make rent. Hopefully this situation never arises
2) Major promotion or opportunity in a company I strongly strong believe in. The idea being that I will work my ass off for peanuts, but believe in my heart that I will come away with a huge sum of money at the end, or the ability to make a huge sum of money.
3) I am going to work for or with someone who is absolutely exceptional and is going to be teaching me something I couldn't already learn on my own.
It does not sound like you are getting any of those three. If you are bored, keep looking for a better or different job. In the meantime, If you want to scratch your intellectual itch, do it on the weekends.
You have my 2 cents worth.