Watch that video, the hob cutters are trapezoid shape. If using your
method with this cutter you get something that will look like a timing
pulley. if you rotate the blank in unison with the hob set up at an
angle you will get an involute gear shape. the advantage of the hob is
one cutter makes any number of teeth for that gear type.

Actualy that's not right. Run a hob against a part that doesn't move
and it will end mill it. The hob cutters are on a helix.

Here's the article that i used to draw a gear at 50X:
http://www.cartertools.com/involute.html

He talks a bit about a homemade hob at the end.