For completeness, let me mention DIFFERENTIAL INDEXING (DI), not to be confused with the Compound Indexing (CI) described above. In CI the hole plate is moved manually, carrying the crank with it.

In DI the hole plate is geared to the crank shaft so the hole plate turns under the crank as the crank is rotated. When the crank pin is dropped, the hole into which it drops is no longer in the position it was when the motion of the crank was initiated. The mathematics of DI, that is algebraic addition of the crank and hole plate motion, is similar to that of CI but the automation of the hole plate motion simplifies the process for the operator and minimizes the chances of a mistake.

It's extremely unlikely that a homeshop will contain a dividing head capable of DI, much less have the requisite gears to implement the drive. For typical homeshop accuracies, CI or various other processes are much more realistic.