This will work. One way is easy, letting the slaves send data back is more complicated, and at this time I can't help you out on that because I don't know.
What also could be an option is wireless. Please check this for a nice arduino wireless project.
bit more info. i am controlling three motors at long distances via three variable resistors on thumb sticks. the idea was to send the input of said resistors to the remote motors through one arduino(controller) to the other(Remote Operated Veichle) and looking for efficent ways of doing it, keeping inmind that all three may be active at once.. at the moment i am leaning towards using indivdual lines for each thruster and sending the resistor output directly to the rov arduino the converting into appropriate pulse to control the brushless motor esc