2 reasons why this hasn't been done yet:
1) This would require ctm to rotate the gfx itself, otherwise the server will constantly be sending lvz toggle packets so the rotation is always synced.
2) Ship relative lvz are exclusive to bots and asss modules as players probably wouldn't know everyone's ID, therefore making it difficult for newbs to understand or use.
With that said I hope this feature comes in the next release of ctm. Even without access to 'the Continuum database' to see when this was submitted, I don't think we will see it anytime soon.