You don't say how big of a machine you're building or what materials you intend to cut, you don't say if it's belt, screw, or rack & pinion drive, what type of spindle you'll be using or any other details which greatly impacts the selection of axis motors.
With that said, a 1/4" tool, IMHO, sound pretty big for a machine with NEMA17 size drive motors, let alone 3/8" but it all depends on the available spindle power, depth of cut, type of material and so on.
For example, if you intend to build a machine using threaded rod from the hardware store the efficiency of that threaded rod is around 1/4 (or even less) compared to a ballscrew (of the same pitch). This means that your drive motor needs to put 4 times the amount of torque into the screw at any given speed in order to get the same amount of linear force. The thread pitch of that threaded rod will also be much less that what it is on a ballscrew meaning the motor not only has to put more torque into the screw but also turn a lot faster - and as it happens with step motors, the faster they turn the less torque they're able to deliver.
Then, if you go "the other way" ie belt drive - where one motor revolution might equal 30, 40, 50mm worth of travel you don't need the motor spin as fast but you do need 10 times as much torque compared to a 3, 4, or 5mm pitch screw drive in order to get the same amount of linear force.