TURNING OFF PULL UPS WHEN USING I2C

Is this really necessary to worry about? If you have 2.7K pullups to 3.3V on the
peripheral board, and the 5V chip pullups are enabled then, due to voltage-divider
action, you'll only get a voltage increase at the pins of

(5v-3.3V) * 2.7K/(2.7K+40K) = 0.1V <-- 328 chip
(5v-3.3V) * 2.7K/(2.7K+10K) = 0.36V <-- 2560 chip

exclusive of the clamping effect of the internal diodes in the 3.3V chip. IOW,
3.4V or 3.66V. I doubt that would damage anything. The clamping diodes are
barely even engaged. Also, you have the 40K/10K pullups limiting the current
flow into the clamping diodes. So, ????

The other thing is, just for general safety issues, I always use small value
series-Rs [220-330 ohms] in the I/O lines, in any case.