Thanks for all your ideas. A few more questions and comments.
Darren - just to clarify exactly what is in your picture: did you make that from hex - also is it a mandrel, so your work clamps up onto the mandrel and the hex has markings on, you align your work, screw up the nut and drill, release, re-align .... as so on?
Stew - thanks for the link but I`m trying to get away from buying more tooling for now - have spent enough for another month (holiday later this month!!). I could get a rotary table from RDG for £60 just can`t afford it right now.
DavesWimshurt - I really like that idea, I have a three jaw and simply locking the head stock up on each of the jaws of a three jaw would give me the correct division. However -

I noticed you have power to your tailstock drill to offset the drill and make the hole. My tailstock does not go off centre and obviously have no power. I could possibly make something similar for the mill with the chuck facing up.....
Well I`m getting closer to having an idea how to do this..... Darrens mandrel seems a good idea also but again it would have to be vertical as I am drilling into the bar face rather than outside....