My guess would be, it is unlikely to be worth it. If we greatly simplify the calculations on this we can shed a little light on it. And these are truly simplified, don't take them as an absolute, but it would break down like this.
You are taking a paycut of over $70K/year. You did not say how much your bonuses average, but the base salary goes from $120K to $50K.
Let's guess that if this startup is a success (more on that in a bit) and it takes it 5 years to reach criticality. You will be losing ~$350K. In this time, you will probably get raises at the startup, but let's just run with it for simplicity's sake.
They are offering you 1.5%, so to make back that $350K in lost salary, the valuation of the stock would have to be worth $350K. At 1.5%, that means a rough valuation of the company at $23.3M. Do you think it will be worth that within 5 years? That is just to break even, and every year beyond the 5 year mark would mean an additional $4.6M would need to be added to the valuation.
But it gets worse. Startups have a ~90% failure rate. If I gamble with the odds stacked against me that badly, I expect a commensurate return. So I would expect 10-1, meaning the valuation of the company would need to be $233M within 5 years and my equity worth $3.5M. And that becomes difficult with the dilution that the future rounds will cause.
At 1.5% equity and a $70K salary decrease, the numbers would not work for me. Change either of those variables in your favor and it looks better and quickly, especially on the equity portion.
With that being said, I have no idea how you should approach it. Every startup junkie I have ever worked with (quite a few) have been 100% certain that their idea would reach critical mass within a short period of time. To imply otherwise might be considered an insult to them. They recruited you, which implies that they want you on the team. Use that to your advantage. Approach the salary portion first, try to get them to meet you in the middle.
Times are tough in the early stages, money is tight. Get what you can in immediate money and if that is not enough, then you can broach the subject of more equity to make up what shortfall you might still have.
Until the equity numbers get up there, direct comp is king. The equity only has a 1 in 10 shot of being worth anything.