Well said. Overtime should be exactly that - overtime. Something extra when extra effort is needed for short term goals. If you are pushing overtime all the time, then your crew will always be at the edge, and when you really need them for those emergency situations they will burn out and need to be replaced. The company would do better just to hire more people.
As we move forward into an age of automation, number of working hours will need to decrease, in part to ensure that there is enough of a market for what we produce. We are already seeing more of an emphasis on consuming experiences rather than goods. This is a good thing in lots of ways.
So I would be less aggressive than you in increasing wages, but I would start earlier: say, time and a half after 30 hours, double at 40 hours, triple at 50 hours, quadruple at 60 hours. Or perhaps time and a quarter at 30 hours, time and a half at 40, double at 50, double and a half at 60, and anything over 65 at triple wages.