I know some of the higher priced miliwauki's at the lab had an adjustable feed rate.
Same drill motor as the big 1/2 corded drills.
On the grip next to the trigger there was a thumb wheel that would set max speed the trigger would pull to.
The Evolution Bora 2800 that I just picked up has a set speed.
It uses 3/4 annular and also came with a 1/2" chuck .
Mine spun faster than I would have thought also.
But I countered by adjusting how hard I made it plunge into the metal.
I was taught to get the metal to come off of the cutting tool in long continuous spirals byt adjusting either feed or speed.
Worked great re-drilling the holes on the side of the frame rail, needed to hook the rear pintle brace back up.
The only chatter I got was when the bit share the space from a previous hole.
For that I just went to a smaller bit that fit into the metal remaining, then enlarged that hole with the proper sized bit.
Just use lots of cutting fluid and the safety chain is any other orientation than sitting on a horizontal surface.
On mine the annular bits are held in by 2 hex head set screws, 90 degrees offset.
I can remove the extension that holds the annular bits by loosening an internal socket head set screw. Then my half inch chuck threaded into that hole.
This decreases the travel of the drill, so I have to use full length bits, no jobbers.
Not a bad gadget for $ 400 from buyweld.com
http://www.buyweld.com/bora2800.html
shipping took under a week.