You can do it with the rotation tool if you have Local Axis Mode selected in the Tool palette. If you watch what happens to the rotation (or orientation) values, you’ll see that rotating on the x or y axis generally changes all the x,y, and z values.
When I want to control x, y, and z rotation values independently by entering the values in the Timeline window, I use two nulls. You set up one null as the parent of the other, which is the parent of your text layer.
Dan