This shader might give you an effect close to what you want:
developer.valvesoftware.com
Unfortunately, it reckons it only works on brushes.
If you were REALLY hardcore, you could try making an animated texture for the model, where the texture scrolls each frame to give the illusion that it's staying in place while the model rotates (or just doing that with the TextureScroll proxy), but I'm not sure if the result would look too amazing.
There's probably a better way I'm forgetting.