Mipey's eventing above would be better than hot-spot fudging, as it would allow you to rotate the object independently of its orbit. For example, making an option unit in a shmup that would constantly orbit the player, but alway face forwards.
However, I would change two parts of it:
1. Rather than use 'Add 1 to Period', I would try to find some way to use TimeDelta, i.e. 'Add n*TimeDelta to Period. This would work based on how quickly you want it to orbit - 360*TimeDelta would rotate once every second, 180*TD once every two seconds, etc. You could even use a PV, say 'OrbitSpeed' to allow you to control this at runtime.
2. Instead of 'If Period = 360, etc.', I would use 'If Period is greater than 360, subtract 360 from period'. That way you would negate the risk of not exactly equaling 360 (which would be very likely using TimeDelta).
(untested - hope it works!)