Basically, yes.
By the way, I kinda figured out the second method:
TG#=50*Tan(90-Camera Angle X())
x#=Camera Position X()+TG#*Sin(Camera Angle Y())
z#=Camera Position Z()+TG#*Cos(Camera Angle Y())
y#=Get Ground Height(1,x#,z#)
Position Light 1,x#,y#,z#
where:
TG# is the horizontal distance between the camera and the light
x#, y# and z# are the coordinates of the light.
Note that I said "kinda" because now the light moves in the same way it does in Sentinel Returns, but I still can't figure out how to make the movements of the pointer match the movements of the light.
And the first method (moving the light without looking around) is still totally obscure for me.