How many bits are you are using for I and Q channels? How many are for fractional and integer parts?
Which are maximum and minimum values for I and Q channels?.
However, if the I Q channels bit size (N) don't grow, you should be able to use the arctan core without problems assuming a signed fixed point format b_N-1. b_N-2 ... b_0, any scale value is canceled after doing Q/I.
Be careful with divider circuit, because it can introduce overflows.
Fixed point division is performed correctly by doing
(Q<<Nf)/I
Where Nf is the fractional bits size.