Hi ScottB,
I would assume that you won't have time parse, build and send the response if the shared slave is only addressed once. I would recommend that the master polls the slave twice, such that response the slave sends in response to the first message actually gets sent in response to the second message received from the master.
Once you 'send' the data from the application layer, it will sit in the transmit buffer and immediately be sent the next time the slave is addressed by the master.
Of course if you already know what the master will request, you can send the message ahead of time to have it transmitted on the first message.
Hope that helps,
Kat