I don't think this is a great idea. I don't know of anyone who has analyzed it carefully, but it is basically relying upon RC4 to be secure against a particular kind of related-key attack (one that probably hasn't been studied much).
We know that in general RC4's key schedule algorithm is not very resistant to related-key attacks. For instance, it is a bad idea to concatenate a master key and a nonce and use that as the RC4 key. RC4 is not secure in that scenario. For example, that is exactly the mistake that created such a devastating security vulnerability in WEP. I know that's not quite what you are proposing, but what you are proposing reminds me of that fiasco and makes me think your proposal is risky. I suppose it's possible that it could be OK, but it would take a lot of detailed analysis to establish that, and I am suspicious.
Instead, if you want to use RC4 in this scenario, I recommend you use a pseudorandom function (PRF) for key derivation: generate k = PRF(Km,Nonce), and use k as your RC4 key for that packet. However, this does require a separate PRF function: e.g., AES-CMAC, SHA1-HMAC, etc. I realize that that might be problematic on an 8-bit embedded microcontroller.
Given that you are working with a 8-bit microcontroller, I suspect you're probably going to be better off not using RC4 at all and using a block cipher that is good for embedded systems (e.g., Skipjack, RC5, etc.). Search on this site and you can find more information about such things.