I2C Stepper Motor with Positioning

I am contemplating building another CNC device and was thinking about building a board for each axis that consists of its own micro controller, an encoder or positioning system, limit switch input and stepper driver.

Each axis would communicate via i2c
on startup it would pull a configuration from the master controler setting things like ramp speeds, maximum speeds and using and end stop self calibrate its position.

to make it move you send it via the I2C a command with an optional feed rate (speed it needs to use to get there) and when its is interrogated it sends back its current position.

What I was wondering is am i setting myself up for issues with the speed the i2c communicates at ?

If i have say 6 axis am i going to run in to issues with response times?

This is really just an idea at the moment, Most of the units I have built in the past use a single micro and bitbang one pin for the steps, hold one pin high or low for the direction and there is no feedback for dealing with missed step's