I think it all depends on what you're going to use the tool for, doesn't it?
If you're going to be deep hollowing with the tool a long way over the toolrest then it's probably a different answer than if you're going to be using it for shear scraping.
I think a better way to size it is as a proportion of the handle length - say 20 - 25%. After all the smart thing to do is to size the handle to the job too.
2" in an 8-10" handle is probably ok, as would 3" on a 12-15" handle.
HTH
Jon