Ryno,
You may be in luck with the 0T control. The last one I used was from '88. It used all the Canned Cycles G70-G76. It also had G90 / G94 (G90-Straight/Taper turning and G94-Facing). The Drilling Canned Cycle (G74) was too slow so we usually programmed it manually G1/G0. Granted that a lot of these Canned Cycle were optional, you should have them. The only way to really find out is to try it. Set it up and offset the Z+4.0" away from your Z0. If you have it, it will do it, and if you don't it will alarm on you.
++G75 is the Grooving Cycle you are looking for to do 60 DEG ribs in pulleys.++
G0G40G99M9
G50S2000
G96S150M3
T0505M8
G40G0X4.0Z.1
G75 X2.0(THE DEPTH IN X)Z-2.0(FARTHEST GROOVE IN Z) I.1(PECK IN X) K.5 (THE DISTANCE OF EACH GROOVE)F.005
I miss that control, it's the one that I learned on. Brings back some great memories.
Good Luck with the 0T, it is a very good control.
tobyaxis