http://www.amasci.com/amateur/holo1.html
It's a method of HAND DRAWING HOLOGRAMS!!

I had a go, it does work surprisingly well, but is quite time-consuming.
It's not much like lathe cutting, but seems somehow related in my mind.
If this technology could be somehow automated in a lo-fi way (maybe some form of chemical etching from computer-designed patterns?) and combined with lathe cut records some truely beautiful artifacts could be created! Imagine a perspex record with hologram label!?