Other than a very slight increase in power consumption, leaving the resistors in place should be ok.
If you look at the situation logically, consider what happens with a single pullup resistor of 4.7k.
First, lets call the pullup "about 5k ohms" and the PICAXE operating voltage "about 5 volts". So when 5 volts is connected across the 5k resistor,
I=E/R = 5/5000 Amp = 1mA
i2c works with all outputs configured as "open collector" or "open drain". So the output pulls the i2c data or clock line low and then releases it; the "pullup" pulls the line back to Vcc (5 volts).
No current flows in the output when the i2c line is released. When the output is pulled low, the current calculated previously is 1mA. This is well within the capabilities of a PICAXE output. Two pullups would create 2mA flowing into the output of the i2c device (master or slave).