Because of electrical characteristic, most IC vendors define max I2C frequency up to 400KHz, even only 100KHz.
I don't see any IC vendor able to support 3.5Mbps I2C spec.
If you have high speed communication requests, you can try SPI interface.
I don't understand about how to set data setup/hold time and delay time.
Actually you don't detail your question and your application so that no body can answer correctly.
Do you write the firmware for microcontroller??
Or do you design a ASIC for something??