Tom, loads do vary considerably throughout the course of running a program. Corners, for example, have far more load that peaks up almost instantaneously and then goes down again very quickly once the cutter has "made" the corner.
Another example where this is the case is overcoming "stick-slip" with conventional ways. Getting the axis moving (especially the Z in the "up" direction on a mill with a heavy spindle like an RF45) is painful, but once it is in motion the coefficient of friction goes way down.
The question is whether a slight slowdown could result in the stepper getting past the stall and catching up to where it should be again without exceeding the max following error for the closed loop. I don't have a hard time believing it could in many circumstances. If it couldn't, you wouldn't lose steps so much as coming to a dead stop at the first sign of trouble.
Cheers,
BW
Try G-Wizard Machinist's Calculator for free:
http://www.cnccookbook.com/CCGWizard.html