I used one of those HF notchers to build an off road race buggy chassis. It was all 1.5" and 1.25 DOM in .095, .083 and .065 wall thicknesses. I went through 4 hole saw bits. Keeping it oiled helped but the thing was pretty beat up by the time the frame was done. Keeping the cutter lubed and cool helps them last. i used a spray bottle with water to cool and an oil can to keep it lubed. I used a hand drill for most of it but when I hooked it up in a drill press it bent the tapered shaft that the chuck connects to. $30 later my drill press was good as new but I don't put the notcher in it anymore.
This bike is gonna be a little bit of fun. Can't wait to see how your choice of power plants turns out.