Actually, because the cutter's edge wears with use, you cut one groove partially, then move the index to cut the next groove the same depth, and so forth, until you come back to the original groove. If a new cutter is need, its ground and hand filed to shape, and size, and then hardened. That way, subtle changes in the shape of the cutter are made to all the grooves equally, as the depth of the grooves progress.
Years ago, I bought a booklet through Dixie GWs titled, " How to build the Antique Rifling machine" by Joseph A. Seabolt, in 1976. You might still be able to find a copy there, or from some other supplier. It describes a bit more sophisticated design than does the Foxfire Books series, but it works.
You might also visit Dixon's Gunmaker's Fair in late July, in Pennsylvania,
http://www.blackpowdermag.com/featured-articles/dixons.php
or Visit Toad Hall Rifle Shop, in Iowa
http://www.iowatelecom.net/~toadhall/
to see how to build a rifling machine.