From a rigidity standpoint, I have a CNC G0704 that has taken cuts in steel far exceeding that. Here was the cutting data from a recent cut I did.
GARR Series VHM Endmill EDP# 49520
1/4x2" VHM HOG MILL *AlTiN
327 SFM (5000 rpm), 24 ipm, Total depth of 0.25" taken in (2) 0.125" passes. 0.83 motor HP required for cut, MMR = 0.75 in^3/m. Tool Stickout 0.38"
Talking less numbers, I've taken a 3/8" HSS roughing endmill through cast iron at full slot, 1" depth in 1 pass. The machine has the power and a moderate amount of rigidity, but you should have the gibs tight, the head locked, collet tight, endmill stick-out very short, vise tight, etc.