With a fieldbus (like DeviceNet) it only takes one fault to take out your whole system. One little bit of forktruck impingement and the day is ruined.If you use a fieldbus system you would only need one wire with two conductors, not 119 conductors + the same amount of I/O..?
These things look great on an installation budget. They stink for maintainability.
$0.02
RoTaTech, I vote for a drive at each motor with DeviceNet. Another possible source for drives is ACTech; they make a good cheap drive. So does Cutler-Hammer, and Automation Direct is selling small cheap drives too.
With only 17 drives, you are probably on the border of bus cost vs. hardwired IO, especially for 350 feet. You will have to buy a node for each drive, or better yet drives with built-in nodes, but that's offset by fewer analog modules in your PLC, a lot less wiring, and much more information on the line (which may or may not be useful to you). Setting up DeviceNet is not that hard and your local vendors will help; even if you've never used it, cost it and see if it helps. And it actually makes maintenance easier as you can monitor both the network and nodes to troubleshoot.
The one thing you want to watch out for with these small discrete drives is their behavior in local/remote mode. You may want to wire your E-Stop into one of the IO points to stop the drive. On some drives, the wired IO is ignored if the drive is in local mode. No more E-Stop. I had this happen a few years ago on a conveyor with about 100 1/2hp drives. In this case, you'll have to use some contactors ahead of the drives to ensure an E-Stop.