I am also facing the same challenge and am hopeful that ESRI will decide, in a future release, to support the Edit Tool rotating a point. I am also placing a PictureMarkerSymbol onto my map, using a Point geometry base and want to use the elegant Edit Tool rotation interface to allow my users to manipulate the picture symbol.
I've tried a few approaches:
1) replacing the point geometry with a multi-point, but the Edit Toolbar continues to lack support for rotating this object
2) replacing with a line geometry, but then I can no longer use my image (via the PictureMarkerSymbol) as it now fails to render
3) replacing with an extent geometry, but this also does not support the rotation operation
3) Changing from a PictureMarkerSymbol to a PictureFillSymbol, and using a polygon geometry. This allowed me to draw the polygon shape, and displayed my image (repeating) within the shape. It also support rotation, but as I rotated the shape, my image continued to align itself in the original direction.
I've been forced to create my own workaround using javascript mouse events. It allows me to rotate my original PictureMarkerSymbol through directly manipulating the symbol's angle value. But the interface provided by the Edit tool is more intuitive.
Perhaps there is a different approach I haven't yet tried. Otherwise, I'm hopeful that support for rotating a point can be added to the Edit toolbar.