To me it seems that you want to make some kind of two-headded Frankenstein-Arduino. It is not Halloween, and too early for Aprils-fool-day.
Peter, I see the project as described as having all sorts of useful applications. One processor for acquisition, another processor for processing, another processor for displays, each doing its job, and passing the data along. You could do double-buffering, all sorts of things.
Nowadays, a lot of people would jump to a much faster processor, like an ARM with a lot of RAM and which could do everything in the one cpu, but the system proposed is viable for many purposes.
The basic idea is not too different from what I'm doing with my home automation system, except I am using RF and RS232 for transfers. There are a bunch of Remote Nodes doing data collection, and sending it to a central Hub via 433 Mhz RF. The Hub then consolidates and processes the Remote Node data for transmission to the Base Station, which does displays and Ethernet to Web transfers. Actually, there are now 2 Hubs operating with different sets of Remotes on different RF frequencies. Currently the Hubs send their data to the Base via RS232, but if I had a huge amount of data to transfer, going to such an SPI buss system for transfers would be much more efficient, as the Base has plenty to do on its own time.
The Base Station is sitting there operating the LCD/joystick menuing system, posting tweets, xively updates, and emails to the internet, and also serving local webpages via the router to my Android tablet. With OP's idea, when the Base has its Flag down, the 2 Hubs can dump new data into the shared SPI RAM, and then the Base can look at it when ready, and without having to wait on the Hub transfers. The scheme has lots of possibilities.
EDIT:
This thread actually gave me some new ideas, :-). Eg, this would be a much more efficient way to transfer an "image" from a Remote Node camera via a Hub and then into a buffer in the Base Station SPI RAM, rather than sending it over RS232 from Hub to Base [assuming I can ever get the darn OV7670 camera working right].
OP gets his very first Karma, +1, :-).