I nearly went that route myself. I taught for three years or so at UB while working on my Masters and PhD (ABD, by the way, quit the dissertation stuff when I decided to bail on being a professor). While technically a Graduate Teaching Assistant, I was teaching my own classes w/o any interference from faculty and even got to create and teach my own 400-level course. For the most part, I really enjoyed the experience and was pretty good at it. I won an excellence in teaching award for best GA one year.
I "went another direction" after teaching full-time at Canisius College for one semester. It was a miserable experience. I figured I would be more likely to end up at a place like Canisius in my first job, than be at a big institution like UB.
The pay depends a lot on where you teach, whether you publish a text book that is widely used, and other ancillary forms of income. But if you are a full professor at any decent university you are probably not "lower middle class". You aren't likely to become rich, but you aren't anywhere near poor, either. And in many institutions the politics relegate you to anything but "ease". If you are looking for tenure and advancement, you'd better be publishing and/or bringing in grant $$. Excellence in teaching is barely valued at many institutions.