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That's the dream, but alas no.
I know people who've done it and lived like kings for awhile. Our company policy isn't to lower salary in such circumstances, but they definitely didn't see a cost of living adjustment for several years. It slowly widdled away.
Companies now have measures in place to prohibit this.
Some, but not all.
No, I haven't done this but it sounds like a win-win situation. More bang for your buck. Enjoy it as long as you can. Save, take vacations, invest.
Does your company know that you are moving to another city where the COL is lower? I would try to keep it on the hush for as long as possible. They ca adjust your salary to the COL