First article I've enjoyed reading in a while! Very thought provoking. It appears to me that a few of the points won't hold when applied with scrutiny, so I might post a small response tomorrow or something...
A mighty hand, an outstretched arm - You are the God who saves, Deliverer Your name.
I don't see why. If Christ's death was the only thing that actually mattered so far as the atonement for our sins was concerned, then why is the resurrection needed beyond being a symbolic gesture of sorts? I might add that I have heard Evangelicals say to me, including on here, that it was simply to prove that Christ really was the Son of God and that God can do anything and it was a symbolic representation of the resurrection to come. A Baptist friend of mine (back when I was still Protestant) gave me a different explanation that if Christ didn't come back from the dead, He couldn't intercede for us as our High Priest and His sacrifice would have meant nothing. Of course, that makes me wonder what that says for the Protestants who go on about Christ's "finished work" on the Cross that nothing can be added to.
10(also absurd imo)
I wouldn't say that it's absurd, but I can think of a couple of responses you might have. For example, the fact that the previous step in the development of penal substitution, Anselm's theory of satisfaction, held that as God was infinitely offended by man's sin, and therefore in order that God could be satisfied, a human had to be infinitely shamed, but as man is finite the only man who could be infinitely shamed would be one who was God Himself; ergo, the incarnation of the God-man to be infinitely shamed in order to avert God's wrath from mankind who had shamed Him. I would guess that the penal substitution model would modify that and say that an infinite payment was needed for a sin against an infinite God and therefore the substitution had to be someone capable of paying an infinite price. It still seems ludicrous to me, but I agree, there is a way of factoring the Incarnation into the substitutionary atonement/satisfaction models that make them internally consistent in that area.
Taste the fountain of immortality. http://i43.tinypic.com/iqehc6.jpg