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I've long thought it would be interesting to see what happens if we did something like raise pay for Congressmen, Senators, and senior executive officials to something like $3-5M a year in hopes of drawing more Fortune 100 SVP type of executives into legislating. Many of them are the most competent managers and problem solvers in the country, but aren't interested in taking a 90%+ pay cut out of some sense of civic duty. If they were able to be more successful in solving problems and budgeting than the current crop of politicians, the investment would be well worth it.
No. Most politicians have a lot of travel and housing expenses that aren’t accounted for in stipends. Lowering their salary will further ensure that only the independently wealthy can serve in office as the salary is a mere drop in the bucket for them. What we need to do is overturn Citizens United as another commenter mentioned. >

Honestly, I think there are times when we need reps to make unpopular decisions that are in the long term public interest.  
It’s a really bad idea in my mind to put more weight on following the whims of public approval. >

No. Politicians are generally not driven by their compensation. Many are independently wealthy or expect to make money in careers after politics.