I guess I am happy I don't have CNC equipment. This would be a pretty easy job on the Bridgeport with a boring bar, starting with a big center cutting end mill or 1/4" drill followed by a 1" SIlver and Deming drill. Bore out to taste using power downfeed and preset depth stop.
Depending on finish quality required (and being too cheap to buy a large annular cutter for one job) I would use a bimetal hole-saw cutting from each side. 1.5" thick means only 0.75 from each side, not too terrible.
Watch the speed, take it slow and clear chips often.
I have cut a lot of holes in steel plate with a bimetal hole saw. One thing that I do is to predrill the pilot hole and replace the pilot drill with a dowel pin. It makes for less chatter. Use lubricant in the pilot hole as well as the cutting surface.
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