I wrote the script to use for multiple types of items. I also coded a behavior panel able to customize settings. In the behaviour panel, you can check to make the item spin before you pick it up, you can set a health variable, and you can tweak the x,y,z & pan,tilt,roll of the item.

Pros: The items correctly move with players vertex position and angles.
Cons: The items become passable upon picking up, so they can penetrate walls.

Demo and Script

There is a read me and screenshot about the behaviour panel in the folder. Just include objects.wdl in your script and start carrying stuff around.

Credits are always cool, hope this helps you out.

-raiden