Carl,
I understand your need for accuracy. In fact, isn't it just amazing what you get for a $10 Timex!
Since your into gears I have attached my Excel spread sheet which caluculates all dimensions you will
need to draw a gear and was used to make some gear cutters I made. To use it just put the pitch and #
of gears, and pressure angle in and it will calculate the rest.
You can do all the calc's you want, but when all is said and done, it goes back to all the components of the
machine system, just like what Ray said. Every component of the system contributes to the accuracy of the
finished piece. A cutter won't run true away from the spindle within .0001" , lucky you get .001".
I think you should just try cutting some gears and see what your equipment will do. The accuracy
of the cut gear is defined by what it will be used for, and in a time piece isn't there some adustment.
Even measuring the accuracy of a cut gear is a challenge without the right equipment.
RICH