Weworance, are you looking to make cams with flat flanks or rounded flanks?
I have vast experience in this area, having cut a grand total of two - count 'em, two! - cams. Actually only needed one, since the intake valve is atmospheric, but I cut these as part of a gear, and it turns out, to my great surprise, that a 40-tooth gear does not work when the plans were based on a 48-tooth gear.
Ignorance usually stops me from offering an opinion, but since I have been thinking about this recently, I'll throw in my $0.02 and then sit back, waiting for someone who actually knows what he/she is doing to correct me!
For a straight flank cam, which is what I recently cut (twice), it is quite simple. Turn the cam blank to the maximum outer diameter. Set up the rotary table so that the cam blank is centered on the table and the table is centered under the spindle. Move the Y-axis so that the cutter clears the cam blank. With the rotary table locked at 0° (or whatever setting you want to start at), start making passes along X to cut the flank, moving in the Y-axis to take however deep a cut you feel comfortable taking each time, until you reach the radius of the base circle of the cam (where the cam is not activating the valve).
At this point, lock the Y-axis. Index the table however many degrees you want to do at a time, and make another pass. Index the table again, make another pass. Continue until you have indexed the table through the appropriate number of degrees. Since the shape has been generated by a series of straight cuts, the curve will consist of tiny facets; lightly file to smooth these out. File to round over the points where the straight flanks meet the maximum outer diameter.
Note that I have described this with the cuts happening along the X-axis, but there is no reason it can't be done with the cuts on the Y-axis instead (swap X and Y above). It can also be done with the rotary table in the vertical position (or even using a spin indexer), adjusting the Z-axis to get to the base circle.
For a rounded flank cam, there are two options. One is to do the same procedure as above, except that you will need to calculate the Y-axis settings for each index of the rotary table to give you the rounded flank - rather a pain, and more likely to succeed if you have DROs on your mill. This approach does allow using the rotary table in either horizontal or vertical positions, as suggested in the previous paragraph.
Option 2, which will only work with the rotary table set horizontally, is to set a boring head up to cut an outside diameter, either by turning a standard boring bit 180° to face inwards rather than outwards (this requires running the boring head backwards, which further requires that the boring head will not unscrew itself in the process), or by making up an inverse boring bit. Set the boring head up to cut the radius called for on the flanks of the cam. Set up the rotary table and the cam blank as above, and lock the Y-axis on 0 (i.e., centered on the rotary table). Move the X-axis to 0 as well. Lower the boring head and check to be sure the boring bit will clear all around the cam. Move the X-axis slowly until the bit just contacts the cam blank. Note the setting on your DRO (or re-zero it). Now you will take a series of boring cuts (e.g., using the auto-feed if you have it, or a fine feed, or so on), moving the X-axis each time to take the depth of cut you are comfortable taking each time, until you have moved the X-axis the distance between the radius of the flanks and the radius of the base circle. This is now one flank. Begin indexing the table however many degrees you want to do each time, making a boring pass, until you have indexed around through the appropriate number of degrees. The final pass establishes the other flank. Once again you will need to smooth out any small facets with light filing, plus you will need to round over the nose.
Okay, let the corrections begin ... those of you who actually know what you are doing, did I get close? Completely wrong? Somewhere in-between?