Having a pan and pump that recirculates the coolant is a good idea, but it won't protect the motors. If you're concerned about that, you need to either shield them from it (not sure how your vertical walls would work) or seal off the motors somehow. I've used plastic bags and tape for that. Steppers aren't as liable to have problems with coolant splash as servos, though - if the liquid gets into the encoders, it can cause them to fail, but usually steppers don't have any.