crap! I spoke too soon! That only effects the ROTATION axis. You are still borked if you want to change the SCALE axis!
ARGH! This is really annoying! So I am back to the 5 step process using the parenting trick if I want to change the ENTIRE local axis (translate, scale, and rotate).
"If I have seen further it is by standing on the shoulders of giants." Sir Isaac Newton, 1675