Assuming a flat material surface then more than possible from Easel on a stock machine but it is a slow process depending on the alloy. But I've done it and it worked just fine as a one off. If you were doing it every day I'd want a much more powerful spindle, coolant handling and better software though.
But agree with William here, acid etch would be better and would give better results for things like chain rings. But there are options there, like using spray paint for etch resist, then using a laser diode to remove the resist before acid etching and removing pain't afterwards with petrol or acetone. I'm getting good results doing this in copper using my stock X-Carve, a laser diode, and Chillipepr (as Easel isn't set up for lasers). I do all this from a Mac. Other benefit is that it will handle small changes in surface height. More over here: https://discuss.inventables.com/t/paint-resist-ablation/11759