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If by "take the edge off" you mean discount your rate, I'd say no. If anything, you might want to up it if you're expecting to work long hours (otherwise you might as well stick to hourly).
Just to elaborate:
Say your hourly rate is $100.
If you turn that into an 8-hour day rate, that's 800.
But we all know that there's no such thing as an 8-hour day in advertising, so now you're working a 10-hour day for 8 hours worth of pay.
Day rate is usually hourly x 10
Do this plus a slightly higher weekend rate.
...edge off?