Sound localization using two mics, Arduino Uno on MATLAB
Let's assume a microphone distance of 0.5m (which may be just small enough for you). Sound travels with about 300m/s in normal conditions. Let's also say, that you want at least a precision in the angle measurement of 15°.

As stated in the project Mikael linked, it is important that the distance to the sound source is big enough (so that the waves can be seen as planar). Then you have the following situation:


We are interested in the difference in distance, that the waves have to travel to the two microphones. It can be calculated by delta s = d * sin(alpha). With 15° we get delta s = 0.13m. The time difference is calculated by delta t = delta s/v, where v is the speed of sound. We get delta t = 0.43ms which equates to 2.32kHz sampling frequency. Since we use two microphones that must be sampled sequentially, the sampling frequency must be doubled. In the end we have a sampling frequency of 4.64kHz. So your sampling time of 0.01s wouldn't be enough for that.

The largest time difference in this setup (with the sound source in line with the microphones) would be 1.6ms, so your sampling time would be too big even for this.

Regarding the transmission with a baudrate of say 115200 baud this shouldn't be a problem.

But the actual speed of your setup highly depends on your code, which you haven't shown. Maybe this forum post can help you going further.