We use Allied Machine & Engineering Corp spade drills at work. I did a quick horsepower requirement for a 4-1/2 inch spade in 1018 steel.
AMEC recommended 130 sfm and .022 ipr assuming thru tool coolant and no peck you need a 30 hp spindle.
I recently drilled a 2/3rd scale Mt. Howitzer 2.75 dia approx 22 inches thru and took almost an hour due to we peck drilled with a full retract.
That was on a CNC horizontal boring mill, I would guess close to one hour per inch to manually peck on a 2hp lathe.
         constant                        (3.82*sfm)/dia   mat constant               
hp =    0.6283 x    ipr x      sfpm      rpm x             Km x           dia sq      hole dia      depth/min    min/10 inch
29.04   0.6283     0.022     130      110.36            0.94            20.25         4.5             2.43          4.12
20.30   0.6283     0.02       100       84.89            0.94            20.25         4.5             1.70          5.89
2.03    0.6283      0.01       20        16.98            0.94            20.25         4.5             0.17          58.90
4.55    0.6283     0.015      80        67.91            0.94            7.5625       2.75            1.02           9.82
In my early days I used up to 8 inch dia spades in a radial arm drill press. Once the drill was drilling full dia I couldn't hand crank the feed, I had to use the power feed to push the drill. You may encounter the same problem with your tailstock, the screw may be too small to generate enough force to get the drill to bite. Depending on your equipment you may have to step drill out to diameter and even use multiple length drills to get the depth. I am sure it is possible with-in the capability of your machine, how long will it take? It may be quicker to drill small and bore big.
Steve Seib