You could do this by creating a variable for
every
item
in
the
game
then checking it.
OR
Make it create a variable for each item when picked up. You'd have to be careful with this, though, as too many variables active at the same time can lag a server.
Then, as for the camera, you could spawn an image of the item above the player's headskin, then make the camera focus on it, though this could be a problem. As for rotating, look for the item rotating script.