At the very simplest level this is one picaxe and a low pass filter using pwmout. The correct R and C will need to be calculated.
I think it will be the peripheral stuff that will be complex. I'm still trying to get a toy car to move using pwmout (a simple problem that is actually quite complex - latest problem is RF interference from the motors upsetting the picaxe). A car has all sorts of motors plus the hash from the ignition, and you don't want the picaxe giving up the ghost when you wind up the electric windows.
I think at the very least this will need a shielded box with ferrites on all wires going in and out, plus really good power supply filtering. Then you have to consider how things might fail - eg if a picaxe fails then pwmout will go to zero, and what will the engine MCU register that temperature as?
Also programming might be a challenge. If you want to adjust something by +1 you will need to undo the box, pull the picaxe out of a socket, reprogram it and put it back. Or will it be programmed in situ?
As this is a 'mission critical' application (see Rev Eds comments on that), I'd seriously think about a picaxe sending out an AC 'I'm alive' waveform, which goes via a blocking capacitor into a diode and RC network, thence into a transistor driving 4PDT relay, and if the picaxe isn't producing that waveform the relay drops out and reconnects all the engine MCU wires as they originally were.
I'm sure this can all be done but it would be well worth getting a testbed circuit working on the bench before cutting any wires in the engine.