I made the bearing blocks for my cnc conversion on my X2 (big beefy column) in mild steel. I did this with a 50mm boring head that I got from CTC. I used a CCMT carbide insert (which I would say is more or less mandatory). The mill will easily handle boring holes of fairly large diameters. It doesn't put a lot of stress on either the mill or the motor. Also using a carbide insert allows you to run at higher rpm thus you can get more horsepower into the cut. Cutting beyond 25mm or so diameter seems to introduce some chatter. I think the best way to combat this is to keep tool pressure constant. I do increments of 0.25mm at a time (which makes your hole 0.5 larger). I was able to get within a thou or two of the final dimension and then used a hone to get where I needed to be.
One thing I did notice was that I couldn't take small cuts reliably. I put it down to flex in the boring bar. It doesn't want to cut without a small amount of pressure on it. If you take cuts of at least 0.1mm you should be right.
Good luck!