Yes, yes, and yes!
However, I'm good at living under my means and budgeting (most of the time)
Just to make sure I understand:
Take home pay will be $110 less per week
She gets 15 days more vacation time (on top of her other vacation time?)
She still gets healthcare stipend
Still gets transportation stipend
No increase in duties (you might want to reconsider this -- at least have her help with child's laundry if she doesn't already. No major housework, but a little more kid-related tasks)
I would absolutely, without a doubt, accept that offer.
However, I'd make 100% sure that her pay will only decrease by $110 per week. When you talk to her about it, it would help if you had paperwork to show it to her -- I'm a very visual person when discussing numbers.