Node Editing Perpendicular vectors

Is is possible to lock node editing to allow movement only parallel to the standard Perpendicular vectors (x, y, z) by using the local menu item "Move along coordinate vector"

This function is available only if one object is selected
If this mode is switched on and some nodes are selected, you can select one of three vectors (x, y, z). and drag it. Note: if the object is 2D then only 2 vectors will be available..

If one of the vectors is selected, then all selected nodes move along the selected vector.