I use to fly 24-hour shifts in Chapel Hill, NC. (Carolina Air Care). WE loved it. There were very few shifts that we were up all 24-hours. I think our avg flts then were about 2 / day. I'm sure that is a factor you need to figure in the equation. We were paid all 24-hours..... we only did 3 shifts per pay period then one meeting day. It figured out to be 80 hr pay period.
At Lifeline...we've done 24-hour shifts in the past. It saves BIG Bucks...but again it depends on the number of night flights. We were paid for 16-hours then had Resticted On Call for 8-hours. If you were during that ROC time, you were paid 1 1/2 time or if you were up more than 5 of those hours, you got paid for all 8 hrs.
If this was unclear....give me a call. : )
Good luck.... I"d be interested in seeing your results. I'm also considering going back to 24-hour shifts.