I intend to use this machine as a fairly heavy drill press. How slow is slow enough to run big drill bits in steel. Let's say up to 1.5" or 2"?
If I do what I'm considering right now I'll get down to 144 rpm but only up to 935 top speed. The pulley reduction will be pretty insane. I'm thinking that will be right in line with larger drills, running annular cutters, and possibly the occasional boring head.
According to my cutting speed chart, the speed for using a 2" diameter cutter in low carbon steel is 152 RPM, so it looks like you are good to go. I'd imagine you'd cut several pilot holes bigger and bigger and use a boring head or a big-ass 2" drill bit (I've never seen one that big) for the final pass.