[brk]

Therefore, I assume we can pay this person substantially less than we'd pay an entry-level developer.

You'll end up having to pay any decent employee in any position something near a market-rate salary.

Not sure about the "glut" of people, but also not sure that is relevant. You are looking for a quality person who can work independently, adapt to the environment of the company, maintain some long-term loyalty to the company, and do the work of 2 people. There are rarely a "glut" of those types of people, and they rarely work for a substantially reduced pay.