Pay cuts suck. Sorry to hear about it. Like everyone else has said, here in IA you can't get unemployment if you quit -- I'm guessing it's probably the same where you are.
I know everyone's heard it before but it's true -- it's much easier to find a new job when you have a job.
In my last job I got sent around to different hospitals and if you are a smart person, you'd probably go crazy doing medical coding/transcription. It is a hideously boring job! Not all hospitals will let you work from home, either, and the one hospital that did have some at-home transcriptionists were pretty tough on them.
If you want to go back to school, do it for something you know you will enjoy, rather than just "something you can do at home". I also highly recommend starting out part-time at night to make sure you know you do want to do it before you quit your job.
Good luck! I wouldn't last three days as a meter reader, let alone three years, so I am in awe of you.
-------------------- jen
"It's one of the most serious things that can possibly happen to one in a battle -- to get one's head cut off." -- LC