Since you're driving your expansion bus with a microcontroller, and not with "the processor" itself, I don't see a problem with this.
I've made peripherals for parallel buses before, and they're not that difficult. I'm interested in hearing more about what difficulties Garth ran into with his projects.
Keep in mind that the GPIB is also a parallel bus, and it's considered a classic, both from an ease-of-understanding and ease-of-use perspective.
I can cite one source of complexity with using the STEbus though -- the DASTB and DATAK signaling, used to signal when a bus transaction starts and finishes, is very foreign to the 6502 processor, which uses a synchronous bus interface. Even so, the external logic needed to implement it is quite simple. You just need to remember to do it.
If you're driving the bus from a microcontroller, I see no need for concern, since DASTB and DATAK appear to implement your typical 4-phase asynchronous bus transaction protocol. (Without more complete information on the STE-bus, I cannot be certain. But if it implements the 68000-style asynchronous protocol, I know for a fact it's 4-phase.)