Arduino and Raspberry Pi - 5V/3.3V I2C
If you are sure to disable pull up on arduino side you are safe, as i2c works in open-drain mode, but the logic level "high" of arduino is about 3.2v, so it would be unstable.

Otherwise i2c pin of rasp are NOT 5v tolerant, so you must be sure the voltage on the bus does not exceed operative limit; as you calculated ~3.5v should be good on raspi, but please check on datasheet.

Also, you should check the total current on the bus, but as atmega resistor as so high,it should not pose a problem with raspi (but may give problem with passive i2c, that you can solve with a external pull up)