How to negotiate a raise, leveraging a competing offer?

I trying to decide how to stay at my current job but negotiate a raise, because despite my job offer, I’d prefer to continue this new career path because.

I took a $25k pay cut to switch from senior graphic design management to product development associate. But I’m making $52k in a HCOL west coast city with a 3 hr daily commute, Tuesday-Thursday. I do have 5 years of experience in product and industrial design, had a 5 year break after 2020 when I started graphic design for nonprofits in a specific niche. Now I’m in the private retail sector of this small niche at a “small” but influential and popular company. Just me and my creative director (who makes >$100k) but I do Graphic Design for their marketing dept, some IT since they don’t have an IT or HR department, and support photo/video as the only one with experience in both. The $25/hr they offered me was a dollar more than the job posting offered. Been with them 4 months. I have over 10 years total in design.

The competing offer is ~$68k WFH but back to nonprofit graphic design which I’ve outgrown and don’t see a future in. I want to negotiate as much as I can with my current company. Should I be transparent about the compensation of the offer? Should I highlight the HCOL, commute, and competition? Do I refuse giving information about the competing employer? Should I meet with my CD first, or include the CEO as well? If I get lower than $68k the commute is still a longterm dealbreaker. One day in office is ideal, but I’d still need a raise to survive longterm. How much of a pay cut would you be willing to take to pivot to an adjacent career?