That's bazaar, i was just working on the exact same problem last night.
i solved it by recording the objects original yangle data in a variable
I then rotate the object to the camera y angle, then move object left right forward backward, and then at the end of the routine i rotate the object back to its original position. works a treat and little maths involved.
I got a similar project going, i walk around my environment with mouselook and place objects, then i use the arrowkeys to move them around and the left right forward and back need to be relative to the camera angle.