Player State Question

I'm trying to start off simple, but have a question regarding more of a long-term goal... would having lots of player states cause any performance issue?

Ex: I'm thinking of something like an overhead action-RPG. Think Secret of Mana or look at this. (Disclaimer: the art won't be that good!!)

So, like Secret of Mana, you can attack in 4 directions, walk in 8. (During the Walk state, you can move diagonally, but still face the same direction.) Also, I want to have different attacks when you first step forward, and have characters run by tapping the same direction twice... so 40 states for motion (10 in each direction).

Example (if facing East)

Stand E ................ Remain motionless / Stop during Walk state ............. Normal Attack
*Step E ................ Move East .............................................................. Strong Attack
*Turn Left N ........ Move North ............................................................ Wide Attack (R-to-L)
*Turn Right S ....... Move South ............................................................ Wide Attack (L-to-R)
*Turn Back W ...... Move West ............................................................. Reverse Attack
Walk E ................. Continue moving after Step/Turn animations finish ... Normal Attack

*Stop E ................ Stop moving during Step/Turn states ....................... Normal Attack
*Turn Around W ... Move West during Stop East state ............................ Two-way Attack
Run E ................... Move East during Stop East state ............................. Charge Attack

*Slow E ................ Stop moving during Run state ................................... Panic Attack

I don't know if this list makes enough sense. Trying to keep it brief as possible.
The * indicates a transitional state which ends when the (~1/4 sec) animation is completed or the player makes a different move, the state will change. Attacks also vary depending on the state, and I THINK this is a good way to pull off that double-tap a direction to run move (seen in old Super NES brawlers).

Naturally, I'll need to add getting-hit states, KO states ("dead" is such an ugly word), eating something states, etc. later on. (Even a state for keyboard users pressing two opposite directions at once!) But for now, I just want to make a guy who runs around properly.

So is there anyone who (1) had the patience to read this post and (2) knows anything about player states?

I can figure out the concept - what a player needs to press/release to change states. I just don't have the slightest idea how to code it.

-John

EDIT- For those of you who checked out my site, ignore the out-dated info about 3D cel-shaded. Obviously, I'm toning it down a bit for now.