arcticcatmatt,
I have two parts on my screen right now trying to mate them. One models holes are ordinate dimensioned, the other models are located on a bolt hole circle. Of course, they are .000004 off and will not mate, so I have to repair the problem. I swear I do that 20 times a day.
Unless the geometry of your parts are weird, you should mate faces, one hole, and make two features parallel. Then look at the other holes to see if anything does not line up.
The problem with pitch circles is that on some parts, a pitch circle is a good specification, and on other parts, they are not. Some people insist that the dimension shown on the fabrication drawing must exactly match the model.
So now, we have a round flange with a six hole pitch circle, attached to a complex, flat plate. We convert all the the flat plate holes to rectangular co-ordinates to simplify fabrication and inspection. We correct the holes on the model to exactly match the fabrication drawing. The flange continues to be dimensioned as a pitch circle. For production, on both parts, we remove the parametric sketch constraints.
The results of all this passes manual checking. The parts can be assembled. The only problem is that there is a positional discrepancy in your holes of some value less than your decimal accuracy.
Think about it. Even if you can mate two holes, you cannot mate the other four.
Just for the record, my approach on the plate would be to model the pitch circle, and apply the dimensions as rectangular co-ordinates. The results would assemble by your procedure. They would pass manual checking and the parts would assemble, however, there would be a discrepancy between some of the actual features, and the fabrication drawing. This discrepancy will be less than your decimal accuracy.
JHG