Horsepower is the least of your worries when using either a large diameter twist drill or spade drill. Available thrust on the machine is usually the contolling factor. Most CNC machine do not have sufficient thrust for these large diameter drills, 1.5" and bigger. The z-axis drive motors normally attempt to drive the drill at the commanded rate but are unable to meet requirement and feed rate decreases, slide lag increases and if the hole is deep enough the z-axis overload may pop. I normally used a .50" pilot hole for most of these cases because this diameter of hole removes enough material to accomodate the web of the large drill reducing the thrust requirement tremendously. Manual machines pose different problems.
Radial drills would have the arm deflect away from the workpiece and at breakthrough would unload into the drill. Causing high feed rates and the possibility of chipping or breaking the drill. Smaller drills were of insufficient capacity and damage to feed mechanism or stopping the spindle has occurred.