This actually sounds workable. One other thing that is clear is that a 5-day onsite 40 hour work-week is not productive. IMO a 4-day week split between office and home would be way more productive.
I don't know where you live, but the stress of commuting alone has led me to want to get out of the business. Companies have got to smarten up! There's no earthly reason why dedicated knowledge workers need to be on some cube farm or stupid newsroom office every day. It sucks.