Make sure you listen to all of his fears and concerns. My husband wasn't concerned for me, but he was concerned for the baby. For this reason, (and this probably won't be the popular opinion here) I feel he had an equal (or near equal) say in whether or not I had an epidural during childbirth. His older sister bragged ad nauseum about how she had a lazy baby after her epidural and how easy he was and how he slept through the night the first night, never cried, etc. She even admitted that they said it was from the epidural and its timing during her childbirth. Sorry, but for us, having an alert, happy baby far outweighs a day of pain for Mom.
Not to mention that an epidural wouldn't have been a good option for me. We found that out AFTER my first child. I have naturally low blood pressure during pregnancy and an epidural tends to lower blood pressure even more. And my labors are already slow. With my first, I stalled at 7cm for 4 hours, then stalled again at 9cm for another 2 hours before finally concluding that I was gonna push her out regardless of how "ready" she was. My first labor took 13 hours, my second took 14. Normally, the second baby comes faster, but she was very nearly 10 pounds and stubborn. Both of my childbirths were natural.
Now, for your advice...other than listening to your husband and validating his feelings, even if you ultimately make the final decision yourself. Why not tell him that you'll try the natural route, but tell him you're going to go ahead and get everything for the epidural set up so that you can get it at the last-minute if you feel you need it. Then give it a shot, but you have the epidural as a convenient backup. Every childbirth is different. This one might just slip right out within a couple hours. Or it could be excrutiating pain that lasts more than a day. I say keep all options open, and thus reach a compromise.