Original Message

 the heck out of me the HQ allows base lead pilots to enact such a 'policy'.  

I'd send an email to the lead and simply, and politely, say you disagree and would rather be compensated apppropriately.  The only one who is going to, if you will, win in this arrangement is the lead pilot who might be awarded some sort of favor by the company for 'holding' OT costs down.  But, if you do an OT shift and given a work shift off that means another pilot has to cover, then he has to get a shift off, then on and on.

Practically speaking, it's Horse Scheiiiit.  Sounds like an infantile lead pilot to me.