First off, you should probably not focus on the ethical ramifications of your CEO's request. I don't expect that denying his request on the grounds that it's unethical is going to be an effective approach, and based on what you've said thus far, I get the impression you feel the same way.
What you probably should focus on is the results the CEO wants, which are not as clear as they'd appear to be. You've said the CEO wants things done faster, and have stated that he's a workaholic and seems to expect everyone else be the same way.
It may not be obvious, but those those two goals actually work against each other. Research on the topic has repeatedly and consistently come to the same conclusion, which is that overwork does not improve productivity (and probably decreases it). If your boss wants more productivity, he's not going to get it by imposing longer hours on employees (or contractors), so I would suggest pointing that out. The linked Harvard Business Review article could be useful to you in making that case, as could the resources it links itself. Maybe you could also come to him with ideas on actually increasing productivity as well, which would make the case for not overworking your resources stronger.
Alternately, if your boss is actually more focused on the idea that he works crazy hours, and therefore everyone else should too, another Harvard Business Review article, titled "Why Some Men Pretend to Work 80-Hour Weeks" has some insights into that.
Indeed, when I reported my findings to the organization I studied, I was met with two responses: (1) a response that “these men”—those who revealed their lack of desire to be always available for and primarily committed to their work—were not the sort of men they really wanted anyway; and (2) a request to figure out how they might teach women to pass. The broader implication—that the organization itself might alter its expectations—was lost.
The implication there (at least to me) is that even when executives were presented with empirical evidence that overwork was causing problems rather than fixing them, they wanted their employees to be trained to appear like they were putting in long hours, even when they weren't. In this type of case, the least bad option from a practical standpoint is to figure out how you and your colleague can appear to work longer hours than you actually are.