The frequency of the signal is low (say around 0.1hz to 2 hz).
Is there a preferred way to achieve this?
The most important link from a timing perspective is between the GPS module and the stepper driver.
The arduino in this situation is only doing some ancillary tasks.
A digital output can certainly drive multiple digital inputs, if the voltage level specs are the same. So if that is the case, your circuit should work (if you add all the missing stuff like power and ground etc.).