I don't know how to do it in Max, it was a feature I used to use when I modelled in Truespace. It's basically re-aligning the object's local coordinate system with respect to the global coordinate system of the modelling environment.
After a quick search through Milkshape, I can't find anything resembling it there, either. I thought it would be a standard feature in modelling programs, but I'm not sufficiently familiar with Max to know. It might be peculiar to Truespace.
I imagine you could achieve the same effect by remodelling the 3-sided viewscreen 90 degrees to the left, and then rotating it into position. The objects local axes should implicitly be 90 degrees off of the current version, and the image would hopefully be centered then. Might be worth a try.
I wish I could be more specific, sorry.