Can my employer cut my wages 1/2 if I do not agree & what about my accrued Paid Time Off?

Our office is downsizing. They are talking of cutting our wages in half. Is this legal? This is an "at will" work office in Georgia with head office in Universal City, TX. Also, I have accrued over 150 hours of paid time off. If my employers can cut my wages without my concent and then keep me on for another month or so at my new lower salary and then lay me off (which seems to be inevitable) will my PTO that was accrued at my normal salary rate, be paid at my new lower rate when it is paid at my termination? Also, if they can cut my pay in half, do I have the right to quit at that point and still collect unemployement, or would I have to be fired or laid off in order to collect?

Feeling desperate in Georgia...
Thank you for any answers you can provide.