Is there any benefit to having more power in a workstation than the amount required for a specific recipe?
Lower spark cost.
What is the max amount of power any one machine can use?
24 Coils max, with advanced it’s 7200 power
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So its number connected, not amt of power, cool.
Yes, if you try to attach more than 24, the additional coils will not connect. There will be no arching spark thingie between the additional coils and the machine.
Originally any extra power was also supposed to reduce crafting time but not sure if that still happens.
It does reduce craft time! 
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Yes, reduced craft times. The exact time reduction can be calculated below.
https://forum.playboundless.com/t/power-time-reduction/12444
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