Why have you chosed 1040? Generally, steel plate in the thickness you have (2.5") is made from a grade that is suitable for welding, since welding is a common assembly process used for joining these sections. 1040 in not one of the more weldable grades, so I would think you would have trouble sourcing it.
Carbon and low alloy steels in the 100 KSI tensile range are all going to have similar machinability ratings, of course, depending on your machining operation. Is this a high volume job with high-speed machining operations, or a small production run of a specialized part. If it's a small run, I don't think the difference is machinability is going to matter.
As for materials, check out steel suppliers in your area to see what kind of material is available; I really don't have time to run that down for you. You might try ASTM A514, Standard Specification for High-Yield-Strength, Quenched and Tempered Alloy Steel Plate, Suitable for Welding. For 2.5" thick material, this is 100 KSI minimum yield material, so the machinability is going to be considerably less than 1040. But, a supplier that can supply A514 material may have some suggestions for lower strength plate.
rp