The first question to ask yourself is if you really enjoy teaching. If so, full speed ahead. If not, you may want to start looking at other institutions where the funding environment (intra- and extramural) is more accommodating.
When I was an undergraduate in the biochemistry department at Cornell, there was a push to retire some of the older profs who didn't publish much, because the lab space was needed. Lo and behold, one of the victims, as a result of the Law of Unintended Consequences, was the lady who taught the introductory biochem class. This was a huge class and she had taught it for years. She also had a little lab - literally under the eaves of the building - where she did some research and maybe published a paper every so often (I don't really know). When the purge happened,she felt that she was one of those targeted and I think that she retired. My sources told me that there was a collective "Oh, s***" at the next faculty meeting when they realized that there was no one to teach introductory biochem.
Moral of the story - teaching positions are valued. Just make certain that if that is what you want to do, your position is valued by the research colleagues. After all, you are doing stuff that they would likely prefer not to do.
Best of luck,