I have the FM45 (2.5") with Korloy inserts for both aluminum and steel but I also have a PM-932. Even with the slightly smaller mill, HP is not going to be an issue. Both the 940 and 932 have plenty of power. Rigidity is the primary concern. I get horrible surface finish in both aluminum and steel no matter whether I am hogging material or doing a final pass. Its my opinion that my results are due to a combination of a loose quill fit, subpar spindle bearings and tolerances between the gears in the headstock creating a frequency that translates into the cut. All of these issues are on a new machine with only a few hours run time. I am sure if I could dial in the RPM I could improve the surface finish substantially but thats not possible with gearhead mill without a VFD. Yes, you can compensate with travel speed but only to a point. Also, depending on the material and width, you will find that best rpm and travel speed will vary and that there is one rpm and travel speed that will work for all jobs.
When determining what diameter face mill to go with, it all depends on the width of material you will be working with. Having the face mill properly sized for the width of work can make a big difference on a manual mill and thats why there is no one size fits all.
All that said, the Glacern FM45 is a great tool. Its high quality and built like a tank.