A lot probably depends on how many errors you can put up with. I've been involved with designing industrial control equipment for quit a few years. You can be sure that if I2C was reliable over significant lengths of cable, it would be in wide use. As it is not, that can be taken as a good indication. By all means have a go. It may work well enough for you. But don't be surprised if you spend quite a time mucking around for nothing. With all the rigmarole you are proposing to make it work, a separate processor on each end of an RS485 link to keep th I2C local sounds like a way easier approach to me.