The last 3 times I lost my job, I had to do this as no one was biting for what I wanted. All 3 times I started with a company and busted my chops to move up fast. Not ideal but it has worked for me. Current company was thrilled to get me for below market salary, but I was back on top after 3 months.
I had to take an ego hit each time. Not getting what I believe I deserved. At the end of the day, it worked out. Better than being unemployed or abandoning ship.
Something to think about.