Sometimes I think knurling is made more difficult than it has to be, or maybe my mind is simpler than I like to think it is. If I'm knurling nominal sized stock under 1 inch, I use DP knurling wheels; they were intended for this purpose. If the stock is not nominal, as most of my work is, then I use CP knurls.
It is very rare that I MUST have X-number of teeth around and along the part so I almost never calculate the diameter; I just want a nice knurl with a 90-95% full depth pattern. Using a scissors knurler, I put the knurl half-way on the chamfered end and use moderate pressure to form a single track while turning by hand. Then I turn it again to see if it tracks. If it doesn't then I increase pressure until it does. In almost every case, I can get good tracking by finding the right amount of pressure. Once it tracks, I have two options: I can run it axially in several passes or I can keep cranking until I get a nearly full depth pattern and then run axially. When I do a knurl in SS, I almost always go to nearly full depth before running it down the work piece to minimize the chance of work hardening it. In softer stuff, I usually make several passes. I have found that my finishes are better if I go to part depth and then clean the knurl before going to final depth; fussy, I know.
I used to do the calculation thing when I first started knurling and found that I spent far more time shaving off the diameter by a few thou repeatedly and the damned thing still mistracked. I contacted Form Roll Die and asked for advice about using their CP knurls and was told to just crank down on the knurler and it worked! Now I don't bother calculating, I only use a scissors knurler and I'm a happy boy! I admit that I do calculate things when I want the knurl to come out close to a specific diameter, as when we need a specific press fit, but I can count the number of times that happened on two hands. Most of the time, it is just a decorative thing so I pull out my CP knurls, crank down and go for it.
By the way, Bob, I suggest you go with the scissors knurler. You will find it far more effective and easier to use. I have a shop made one for my Sherline lathe and an Eagle Rock K1-44 for my Emco lathe and am convinced they are the way to go.