Depends on a number of things, not the least of which is whether there are an odd or even number of holes.
Jeff’s method will fundamentally work if there are an even number (so that you have two holes on a diameter) but does suffer from some inaccuracy if there is much play in the threads. At least turn up a shoulder screw (from, say, drill-rod/silver steel) so that it’s forced to sit perpendicular and if you can make a slightly oversized thread (open up a split die) so much the better.
If there are an odd number of holes you would have to use a bit of trig to get the true PCD using that method I guess.
As a practical point, such hole circles are not usually made to “daft” dimensions and if you can get an idea of the PCD using a vernier or even a scale, you can usually tell what size is intended. You can then check it by popping a couple of holes in a piece of scrap.
Edited By Sid Herbage on 05/06/2011 01:55:16