Is he an insane chauvinist?

I am not sure we can call him a pig for wanting to do something so traditional. It is done in pretty much all cultures. But, if you do not want to take his name, then don't take it. There is nothing wrong with wanting to have your own name...

What would you do/how would you respond to his points?

I am not sure you can change his way of thinking. If you don't want to take his name, and he wants you to take it... no one is going to be happy with a compromise. If you cannot make a sacrifice and he won't either... then he might not be the guy for you.

Would it be wrong for me to tell him that if he really wants to go so far as to change my name to indicate ownership he needs start treating me like his most prized possession?

Why would you even suggest that? Don't start that line of thinking, ever. Don't tell someone to treat you like they would an animal or an object, because you might end up somewhere that you hate.

If you don't want his name, all you need to say is, "This is not something I am willing to do."

You can jabber all day and night about women's rights, why you refuse to be subjugated, why this is a dumb idea, why he is wrong and a jerk for even asking... but in the end, you either change it or you don't.

Taking his name doesn't mean you get to be treated like a saint. He doesn't owe you a thousand oxen because you agreed to legally change your name when you marry. In reality, you either want to be Mrs. So and So or you don't.

If he wants his wife to have his name, then that is what he wants. You cannot change that view. It is part of who he is, just like you are who you are. You either take him as he is or you don't take him at all.

Is that a fair compromise or am I betraying every woman who fights for equality?

This is not the huge battle you think it is. While marching for women's rights is a thing, the ghost of Sojourner Truth isn't going to rise up and scold you.

What you need to do is cut out all the feminist talk. This isn't about whether or not he is a chauvinist. This isn't even about people outside of yourself. It is simply a matter of "do I want to"/"Will I do this."

If you want to be with this guy, the cost might be your last name. You can make it a dealbreaker, break up, move on to someone else. Or you can sacrifice your last name.

Either way, the choice needs to be decided by you. If you cannot bear the idea of having his name, then that answers the question on whether or not you want to marry this guy.