I've finally done it. I've gotten my Lenovo X220 Tablet rotation script up to usable parlance. You can just map this to the rotation button (which I'll explain in another post how to do) and it will rotate the screen, the pen, eraser, and touch inputs to the correct orientation. It takes care of the TouchPoint issue as well (the back of the screen doesn't play so well with it).
It's all written in bash, and I've tried to stick as closely as I can to deep, core OS utilities as possible so it'll work in any DE or distro.
ThinkPad X220 Tablet rotation script
(Note: the file is a .txt, but you can just change it to a .sh. I didn't want it to be taken down or be accused of trying to hand out malicious scripts.)