I thought I'd share the code because of the possibilities it opens up.
It's based on Linguica's gravity gun, but works vastly different, and the only real similarity is the math used, and even that is slightly changed.
Also, the object held will be affected by the player's pitch too.
Summon the class "pHealthBonus" and press use on it to pick it up.
Download:
Regular version
Multiplayer-compatible version*
* Work-in-progress, this should work exactly as the regular version does, except it should work online too. Currently untested online.

-TZK