If I understand this correctly, William is asking 2 questions:
1) Can I calculate PCD co-ordinates?
Yes- there are various ways and as a couple of people have said, the Zeus book of tables gives the X and Y factors for setting-off the holes from the centre-lines. You could also use trig. Both sets of calvculations don't need anything more elaborate than a calculator or a spread-sheet – but if you use the latter with a ngles, be sure it's using degrees and not radians.
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2) How do I then form the two datum-points from which to move the work-piece to the right places?
The obvious way is to use a rotary-table and work from its centre and the location of the first hole, but one way without that (and it does entail further sums):
If the work-piece lacks a feature allowing direct centring, such as a turned boss or bored hole, I would set up two straight-edges on the table at accurate right-angles to the table and each other, and nest the work such that the perimeter of the surface to be drilled is against them.
Use the edge-finder to locate off the straight-edges, find the centre and set that first as (0,0).
Now consider if the hole pattern has to co-incide with some feature on the work-piece. One example would be the crank-end cylinder cover on a steam-locomotive, where the studs may have to be arranged with respect to the mountings for the slide-bars. If so, make the most critical hole (and if appropriate its opposite one) lie on the X or Y axis.
It's now possible to move the work by the appropriate off-sets corrected for the radius, but always approach from the same direction and work in cross-travel pairs. Counting X upwards from left to right, Y up towards the column.
So for example, 8 holes with H1 and H5 being at North and South, on the reference Y axis, numbered clockwise.
Move the table inwards to (0, Ymin) where Ymin is the pitch-circle radius.
Drill or bore H1.
Move the table in by the appropriate Y distance, lock the cross-slide. Set H8 and H2, according to their X offsets, drill them.
Repeat for H7, H3, then H6, H4.
Then H5 (0,Ymax)
The headache with this approach is that without a DRO you need calculate what the dials will actually read for, but this method minimises the amount of error-risking winding back and forth.
It would be wise to mark out the hole locations beforehand, to act as a guide.
The most likely error would be miss-counting handwheel turns.
E.g. A 45º location's offset is 1.1414 R in X and Y (pitch-circle radius X sq.rt of 2), which in inches on my mill means five and half full turns plus 14 little divisions. So markings would show a missed or over-wound turn glaringly! *
NB: always wind Y in one direction only, preferably up-counting even if to correct a small over-wind. Return the long-travel (X) well past the work and approach from the same direction each time.
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* Like pi, that root-2 rule is useful to remember even if you need look up or calculate the number itself. It is the diagonal of a square of 1 unit sides, for. e.g. 45º divisions, setting-off a 45º angle or finding the maximum size of a square that can be cut on a round bar.
There is an equivalent for any regular polygon, such as the hexagon ( 6 vertices, 30/60º
.. but I have to look them up if I ever need them!