Actually, my biggest concern has nothing to do with the LOA or the Alaska flying. I was an FO for a LONG time, and most FO's simply can't afford to take a reduced credit line or an incentive line. If I'm doing my math correctly, a first-year FO on an incentive line would take home no more than about $1500-$1600 a month. This is marginally better than unemployment, but will barely cover rent in most parts of the west coast.
There's some other stuff to consider... namely, health insurance and currency. Health insurance during a pandemic is a no-brainer. For a professional pilot, currency and experience are also important. I think most of our junior pilots need to be weighing the benefits of being at least partially employed versus being furloughed and collecting unemployment.
As far as the Alaska flying... I would do it in a nanosecond. I did a little Alaska flying in the Dash, and I enjoyed it.