At the bottom line, an indexer is a rotary table with fixed (fraction) plates. Cutting gears on a rotary table is basicly an exercise in futility. Cutting bevel gears, or anything other than straight 90 degree spur gears takes much more work. A good understanding of gears and how they work would be a starting point there.
A rotary table usually has 72 rotations to a full circle. An indexer usually has 40 rotations to a full circle. 72 divisions will give better resolution when dividing a circle into degrees, minutes, and seconds. However, dividing a circle with an indexer can be done, albeit at lower resolution. All that is needed is a "fraction plate" with a circle of even numbered holes. Just decide how many sides are needed and mill away.
In my own case, I have both, plus a spin indexer and some specifically sided collet blocks. But mostly because I do model building where physical size of the fixture matters. For most work, I can use most any fixture to get 6, or 12, or even 30 sides. But for cutting gears, an indexer is a must. I cut worm wheels with 40 or 50 teeth and a diameter of less than an inch, 25mm. There is no room for an "almost" fit.
For general uses, a rotary table with an attachment of a fraction plate and associated parts would be the preference in my shop. The fraction plate can be broken down, removing the fraction plate and reinstalling the handwheel. The one thing it cannot do is tilt. In most cases, with spur gears, tilting is really not an issue. Only when one gets into bevel gears and the like does tilting become necessary. And that's where my sine vise comes into play. But my fixtures are small, doing full size work requires full size fixtures. That is a call only you can make. As you gain experience and more complicated work rears its' ugly head, purchasing another fixture comes into its' own. But it does spread the cost out. . .
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