I know that Tychonoff's Theorem requires the Axiom of Choice, but I am struggling to see where I have used it in the proof below. I suspect it lies somewhere in the step of going from basis elements to elements of the open cover, but it seems that only finitely many choices are needed there.
Let $X_i$, $i \in I$, be compact spaces. We wish to show $X:=\prod_{i \in I}X_i$ is compact. Let $\{U_j~|~j \in J\}$ be an open cover of $X$. Each $U_j$ is of the form $U_j=\cup_k U_{j,k}$ for some basis sets $U_{j,k}$. That is, each $U_{j,k}$ is of the form $\prod_{i \in I} V_i$ where $V_i$ is open in $X_i$ and $V_i=X_i$ for all but finitely many $i$.
Now consider the collection of all the $U_{j,k}$'s. Choose one such $U_{j,k}=\prod_{i \in I}V_i$. Since $V_i=X_i$ for all but finitely many $i$, we just need to "fill in" the coordinates for which $V_i \neq X_i$. For each such coordinate $i$, the projections of the $U_{j,k}$'s onto the $i$th coordinate cover $X_i$. Since $X_i$ is compact, finitely many of the projects cover it, and from those projections we recover finitely many of the $U_{j,k}$. Note this only requires finitely many choices. We do this for finitely many coordinates and find that finitely many basis elements cover $X$.
Finally, from each of these finitely many basis elements we recover a set $U_j$ from the open cover containing it. Again this only requires finitely many choices, and these $U_j$'s must cover $X$.
You have not used the axiom of choice (in any essential way), but your proof is incorrect.
You have described covering $X$ in terms of covering each coordinate $X_i$. It seems that what you have in mind here is that sets $U_j$ cover each coordinate if their projections onto $X_i$ cover $X_i$ for all $i$. However, this condition does not imply the sets $U_j$ actually cover all of $X$. For instance, let's take an example with just two factors. Say $X=[0,1]\times[0,1]$. Let $U_1=[0,2/3)\times[0,2/3)$ and $U_2=(1/3,1]\times(1/3,1]$. These two open sets cover each coordinate, since $[0,2/3)$ and $(1/3,1]$ cover $[0,1]$. However, they do not cover $X$, since (for instance) $(1/4,3/4)\not\in U_1\cup U_2$.
You have described a way to find a finite subcollection of your open cover which covers each coordinate. However, such a finite subcollection need not cover $X$, so this does not prove $X$ is compact.