I think you may run into speed issues with a PICAXE but there are versions which will run at up to 20MHz, 5 times faster than the base versions, and another which should run 10 times or even faster planned. It may be fast enough but I think it would be a case of try it and see or determine the exact algorithm and predict what time it needs. You may be able to use multiple PICAXE's to share the workload around.
A good place to start would be a search engine and see what similar projects use for response rates and loop cycle timings. That will give a ball-park estimate for what you need to do and the time you have to do it in.
I recall fly-by-wire fighter jets used to have a 20ms cycle time but I have no idea how much work they need to do, or whether a 'segway' would need as fast or faster than that response. 20ms is a reasonable long time for a fast PICAXE, ~400 simple commands.
Regardless of what you use, defining its operating parameters will be important. As a school project it may be acceptable to have some wobble or a poorer performance than would be acceptable if it were actually carrying people. Self-correcting for a small knock will obviously be a goal but would you need it to recover from greater knocks ? Are wild travel motions back and forth acceptable to correct balance or are you looking for very tight minimal movement ?
Does the project have to deliver promised results, or is it acceptable as an exploratory project to see how well it can do, where learning and experimenting is more valuable than achieving the hoped for target goal ?
Is this expected to be a key educational, complicated and extensive, project or simply coursework in passing and it seemed like an interesting project to attempt ?
READADC is described in PICAXE Manual 2 ( select Help in the Programming Editor ).
The PICAXE has byte and word variables, the later can implicitly handle numbers between 0 and +65535 though you can visualise them in other ways.
As to whether an algorithm would work with integers or have the desired accuracy, that would very much depend on the algorithm itself.
There's the Micro-Mega FPU which can act as a floating point processor for a PICAXE which may be suitable if floating point is required. I have no idea off-hand what the processing speed of that or data throughput rates are.