Can my employer track "comp time"?

It has been a past policy for my employer to keep track of "comp time" rather than pay overtime for its salaried employees. Comp time was also banked as single hour instead of time and a half. It was recently brought to her attention that it is illegal to do so. She recently changed her policy saying that she will no longer record "comp time" yet she still does not pay overtime for the salaried employees. She in return said the company will just have "flex time" during the non busy season (january, february and july) where we can take days off here and there if we need to take care of personal issues. She still "unofficially" tracks the comp time and informs the employees when they are out of their comp time hours that she "unofficially" tracks and requires us to use our vacation time. If she were to track this "unofficial comp time" using the time and a half for overtime hours, we would not be out of our "unoffical comp time" and be required to use our vacation days. Is it legal for her to even track this comp time? Is she required to track it as time and a half? Can she require us to use our vacation day? She also required that we drive a 5 hour drive to a job, do a couple hours work, and drive back the 5 hour drive on the same day. How should this be handled? Please help!!!