I think I'll make the suggestion of making this really "flex" time. That is, we'll be working hours that we normally wouldn't be getting paid for. Later, when the business turns around and we're all being asked to work overtime, we'll reciprocate by working a equal number of hours (on the same schedule, four hours a week) we normally wouldn't for normal pay.
The company gets the benefit of extra work when they need it most without stretching their budget. The workers get the benefit of being able to count on a regular paycheck.
It's kind of like those "budget pay" plans the utilities have. You pay the same amount every month no matter how much you use. The months where you over-use balance out against the months you under-use.
My guess is that the bean-counters won't go for it (and I think it unlikely that my boss would even pass it on). But it'll make me feel good for making the suggestion and give me ammo for union organizing....