QUOTE(Nerdcore Steve @ Jun 2 2011, 01:11 PM)
I don't want the bone to change the direction it's pointing. In other words, I want it to be able to rotate, not translate.
Use the constraint "roll like" to whatever bone (target bone) you want it to "roll like". Do not use "orient like".
The bone that you have constrained to roll like the target bone will not translate if you translate the target bone. If you also use the constraint "Translate to" the target bone, then the bone will also translate.