Ah, im with you on the speed issue, i think i get you with the large motor to,, im guessing you would be fitting a rotory encoder for position feedback if you use the large DC motor ? (im no expert with these)

for the brake i would be looking at a motorcyle cluch plate maybe, im not sure youll get the force with electric solenoids to lock it for milling though but thats my guesstimation... id be tempted to consider an actual disk brake and caliper... the caliper would have to be beautfully fitted and have oposing pistons (you couldnt have it floating like you do on a vehicle)
im really not sure though im just thinking out loud :)