Unsurprisingly, chown doesn't do much on NTFS filesystems. Are you able to create those directories under /media/Iomega_HDD without privileges (i.e., running as yourself, without sudo)?
By the way, there is no reason you should have to lose data when you mess up your Linux install unless what you did was actually overwriting your hard drive or something. Even if you really do need to reinstall (and you rarely do - that's the Windows approach
), you can boot a live environment, mount your partitions, and save your data first.