So I know Erik won't know this but this is like, already a well established thing for salaried employees.
Often times when we consistently work more than 40 hours for whatever time period, in my industry it's usually up until/after a major tech deployment, we get comp days. We're salaried, so overtime doesn't really exist. But the business recognizes that their employees are being over worked and compensates them by giving them X amount of days off on top of their regular paid time off.
Most of the people I've worked with prefer it this way. I do too. Most of the companies I've worked for have said that employees are far more effective if they're made to take time off rather than just be paid for the time they would have taken off. Otherwise they get burnt out.
Sorry, but just because salaried people don't get paid OT that doesn't make it ok to fuck over hourly employees. ---