The best setup I know of is using a slitted disk with an optical switch. When the slit is oriented over the optical switch, the switch changes state and gives your home pulse. The axis will (and should) only home in one direction.
Reasonable if only in one direction. Any switch could work?
I do believe a rotary home switch is important if you have static fixtures on your rotary table, and also helpful in cutting threads.
Wouldn't consider threading with a rotary table, I use a lathe or thread mill. What do you mean by static fixture? I keep a 4-jaw chuck on mine almost exclusively.
Thanks
Dean