Yeah, definatly have to have something to index with. Those rings are pretty straight forward to make, if setup correctly to cut slots. Chris's indexing works really well. I actually trashed My stand alone project because the import index I had, just did not seem accurate enough for me. I ended up just setting a dremel up on the deluxe, and it works better then I imagined. Also has several other uses. You could also use the 1/4 router to do the same thing with the correct adapter to fit the small end mill shanks. The nice thing is I can even use the power feed on the carraige.
Another thing is having enough various size bits to fit what ever size slots you need. Always do test cuts on scrap first to make sure you are sized correctly for your strips. another idea is to use a scrap piece that is the same material you will be cutting slots in, reason being that different materials will cut away at different rates, and create different size slots even with the same size bit. Also the smaller the bit, the less depth you can make on each pass, requiring more passes for each slot.
If I had a program to dial in the croslide at the correct time, I could probably hook up reversing switches to the powerfeed, and make the thing automatic. Wonder if the frog would be good for that? I guess if I went through all that, I might as well setup a cnc

I did setup a stop that would hit the feed switch when it got to the end of a run for tapering larger dowels, and It worked like a charm, can walk away if I have to, and It will shut the powerfeed down on It's own.
Like anything takes thought, practice, and tooling as Chris mentioned, but after all that, that ring design is fairly easy to do. I am kind of into the basic 8 slots, and doing chain link style rings right now, but could easily do that one if I had the veneer. This setup also lets me cut the rings off very thin, and due to that, looks like I am going to have some cool combinations when done with the billet I am doing now. I am really happy with the results. Chris, you were right your index is alot more acurrate. Now I am only limited to My own creativity

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I do have one question for you guys though. when cutting billet, I trim between centers before cutting the slots, so everything is true before hand, But wondering if you guys prefer to cut off one center point, and mounted in the chuck on the other side, then bore after the billets is glued up & trimmed, or bore the hole before cutting slots, and center off of that when cutting them? Just curious which is the best method. My slots look as straight as crosshairs from the end view finally, and want to make sure they stay that way.
Thanks, and good luck to the poster,
Greg