if all you want is to rotate a model around its own origin (aka: pivot), then yeah, avelocity will work for most movetypes.
this is how grenades and vore missiles etc spin in quake.
if you're setting more than one component at a time then your rotation will be non-linear of course, but that's a general issue with eular angles. you can fix that by generating forwards+up vectors then generating a 3*3 matrix and transforming them by that instead of using avelocity. that would give linear rotation, but would also be noticably more complex than a simple vector addition.
the code I gave in my earlier post was to rotate a second entity around the first entity (effectively as part of that first entity's rotation), but if you were after rotating an entity around its own origin then yeah, just setting avelocity is MUCH easier.