3D pegs - Locking certain axis

I’ve run into a situation where it would be desirable to limit a specific peg to a single 3D rotation axis, just to stop the object from rotating on an undesirable rotation. (example: I’d like this prop to only be able to spin on the Y axis)

I know pegs have a Angle Limit Value setting but it seems to be only universal, and not able to completely turn off the unwanted rotation axis. I’ve tried messing with the Euler Angles and re-assigning the other axis to something else, but it still doesn’t LIMIT or lock the other axis completely like I would really prefer.

If anyone has any suggestions, I would appreciate it. Otherwise something like this would be a GREAT option to patch in for pegs and reads (drawing modules). Just the ability to check off/disable certain rotation axis in the advanced tab would be perfect.