Trying to solve an exercise, I've come with a possible lemma that would furnish the result:
If a finite set of formulas $\Gamma$ in the language of the pure theory of equality has a countable normal model $M$, then it has a finite normal model.
(A normal model is a model in which $=$ is an identity relation over domain.)
And that's how I proved it:
Let $x_{i_1},\dots,x_{i_n}$ be the terms (all of which are variables) occuring in all the formulas of $\Gamma$. Take any $t_1,\dots,t_n$ distinct objects from the domain of $M$. Any sequence that places $t_1,\dots,t_n$ under $x_{i_1},\dots,x_{i_n}$ in any manner satisfies each $\mathscr C\in\Gamma$. We are not required to have any more objects, since the language only expresses equality between $x_{i_1},\dots,x_{i_n}$. So, let $\{t_1,\dots,t_n\}$ be a domain of $M'$ and propose an identity relation over them for $=$. All sequences of $M'$ must satisfy each $\mathscr C\in\Gamma$, thus it is a finite normal model for $\Gamma$.
Marked steps are clearly hand-wavy and I can't come up with a rigorous justification, yet they follow intuitively. The worst-case scenario is clearly when some subformula would express the existence of distinct objects, yet it could not express that there are more than $n$ of them. Any ideas?
I don't think the proof idea you sketched can be made to work. Instead, try this: