It takes several times more HP to deliver (or remove) the same amount of air through a 2" pipe than a 4" pipe. the 2" pipe has a lot of flow resistance, even with a vacuum cleaner style extractor. Bends, especially of small radius like those sold in kits etc. (2" waste pipe sweep bends are almost OK) add a lot more resistance too. Your vac will thus shift the most cuft/min with a 4" pipe.
However....to carry off dust and shavings requires a minimum speed in the pipe, about 4000 ft/minute; almost certainly your vac will not be able to move enough cu ft /min to generate 4000 ft/min flow rate in a 4" pipe. The manufacturer should specify the max volume air flow, so you can calulate the maximum diameter pipe that will give the 4000 ft.min. Because this will be a small diameter, the flow resistence will be high, and performance will drop off rapidly as pipe length increases. No free lunch, I'm afraid.