Probably better to look at the PICSERVO-SC from jrkerr.com (purchase via Saelig).
It does step-to-servo and although it is limited to 100KHz, you can specify a multiplier for the encoder. However, you won’t benefit in terms of positioning because you won’t have the command resolution.
I use these devices but not with pulse and direction; I run them on their 485/422 (4 wire) NMC (network motion control).
The comm’s protocol is child’s play compared to CAN.
Their coordinated motion technique is very slick. 16 axes @ 115K BAUD is no problem.