Hi Phil,
excellent question!
I find myself in the same situation as you as I am the technical lead for a team of 4 (including myself).
Sometimes I feel like I get behind on the technical skills as I find myself doing more and more project planning, interact with management and handling productivity killers (such as urgent testing requests, presenting our work progress, etc.)
I aim to protect my top 2 developers by shielding them from those activities. I don't want them to switch contexts constantly because of outside requests. I'd rather they work uninterrupted on their current tasks.
Because they are engineers like me, I let them handle most of the technical decisions so that they can feel like their work matter. I just give them general directions and requirements, sometimes functional specs (not as much as I would like to). I am lucky that they have broad shoulders and I can trust their choices.
I try to pitch in when I see that the progress is slow but most of the time I do not get involved in technical details.
As for recognition, report the team progress but do not take all the credit. Make sure to mention your developers' names when they have done a good job. They will respect you for that and so will upper management. They will see that the progress was made by a talented individual under your leadership.
My paycheck is the same as other developers on my team. I do not see that as an issue as we all do important work but taking different aspect. The responsibility may be slightly higher for me as I'm the one to get hit when things go bad. In the end it doesn't really matter, we are all part of the same ship.
The lack of technical experience will be compensated by you leadership experience. This is always a plus on a resume. Leadership experience is harder to come by. Technical expertise, you can acquire on the side (working on an open source project for example).