Could I have a slave Arduino with the hC-05 connected and the data received by the HC-05 sent to the master Arduino via SCL and SDA?
No. Well yes you could but it will be 10 times more complicated to get it going.
Look at the examples of using the HC-05 for receiving data and add your code for driving the servo card to that diverting the data from the HC-05 to the I2C lines.
I will be using all 16 channels to run 16 servos.
I hope you have a big power supply ( 16A + ) and lots of decoupling capacitors on the power lines.