Consider this test code for Picaxe.
#picaxe40x2
#no_data
high 5
for w0 = 1 to 65535 next w0
high 6
for w0 = 0 to 65535 next w0
high 7
Please feed it to your Picaxe, whatever breed. Change the directive #picaxe.... accordingly or remove it. The directive #no_data just speeds up the program load.
Now tell me, how long does it take for the ports to go high (for the LEDs to light up)?