Sorry ed, but grinding is the ONLY option for what you are proposing. to construct a milling machine capable of doing that job is going to be very expensive & it will be big & heavy, 1ton maybe more. you would also need lifting gear to handle it.
You mentioned noise - Don't confuse surface grinding with angle grinding, surface grinding is much quieter,
The milling frame you propose will be very noisy as the tool will chatter, bounce & smash.
If you do use that frame I think you will be limited to a 8 or 10mm cutter ( = 400 meter tool path ) 3/4 - 1 hp will do.
You need a big stiff rigid tool
Thanks Jugs. I didn't realize that surface grinding wasn't as noisy as hand grinding.
If you do use that frame I think you will be limited to a 8 or 10mm cutter ( = 400 meter tool path ) 3/4 - 1 hp will do.
I do have one of those machines fitted with a collett chuck buried in my shed somewhere as well which I was intending to also fit to this setup for higher speed smaller work.
I have put this idea on hold for the time being as in the last couple of days my main computer died followed by my ride on mower. So I will have to fix the computer and buy another ride on mower as it's not worth fixing it as it is really old and worn out. (a bit like me) So most of my spare cash has now been reassigned.
Life always gets in the way of fun!! 
, probably looking at a Husqvana 48" cut and 26hp motor. I am tired of underpowered mowers!!