Work related

What do you do when offered a job back that you had walked off of?

That's the question I've been pondering this week. I received a call from a former co-worker asking me to come back, for no travel (the main reason I left). He was given carte blanche to start his own team, and wants me to come back to help him with the new reset that is starting next week.

On the one hand, he's a no B.S. sort of guy, and I respect that immensley. He also helps with the work and doesn't shirk when someone asks him to explain something, unlike a certain other person I worked for recently. No travel is key here, and the income would certainly be nice.

On the other hand, as much as I respect my co-worker, I know for a fact that upper management is incompetant to the point that it would surprise me if they remained in business for more than a year. No travel in this company doesn't necessarily mean close to home either - a lot of my co-workers traveled more than fifty miles one way just to make it to some of the stores we handle regularly. I'm not interested in night shift work either (I can do it, I just don't prefer to). I really don't like the type of work that I have done for this company (if I'm going to work that hard, it should be doing something more productive). I have been looking into going back to school (though I don't think I have much of a shot at that), and doing this would almost certainly scuttle that proposition.

It really only boils down to two things:
1.) If the state approves my unemployment (I'll find out next week), I won't need the money. I won't make very much being unemployed, but enough to pay my bills while I find work that appeals to me.
2.) If the state doesn't approve my unemployment I will probably go back out of loyalty to my co-worker (who I think will make a great boss), at least for a time while I look for something better suited to my abilities and needs.

I hate being put in these positions.