It is a little strange but you can achieve the method you describe. It is a little difficult to describe in text how to go about it but I will try.
- Draw your 3D polyline in plan view with your coordinate system set to WCS
- Next change OSNAPZ variable to 1. This will force you to snap in 2d not 3D, we need this for the next step.
- Type in UCS and when prompted snap to the beginning of your 3d polyline then the end of the polyline and finally indicate the direction you want to view your polyline in. Basically we are creating a custom ucs along the polyline with the origin at the start of your polyline, the x axis along the polyline and then the Y axis either above or below it. Look at the Image 1 below to see what the result should be. The green line is a 3d polyline with 3 vertices with the middle vertice having a z value of 100. The red line is just a line with z values of 0 used as a reference in the images below.
- Next we need to rotate the UCS so that the ucs plane comes out of the screen, basically a "section" plane. To do so run the UCS command again and this time choose the "X" option. When prompted for an angle type 90. This will rotate the previous UCS plane by 90 degrees using the X axis as the axes of revolution. The result is in image 2.
- Next we need to orientate the camera so it is facing our UCS plane. Type "PLAN" and and select the option "Current ucs". The camera will now face the ucs. See image 3 for the result. Note the uce icon has x to the right and y up and the view cube is on its side.
- You can now grab and move vertices and the z value will be affected. See image 4 below.
Hope that all makes sense. I have never done this before, so I just made up the above workflow and I do not know what limitations you may run into but maybe it will give you an idea of what you can do. Also, I suggest that once you have your view and UCS setup you name the UCS and save the view so you can always quickly restore the view and UCS.
Image 1: UCS along the polyline:

Image 2: UCS rotated 90 around x axis

Image 3: Orientated camera.

Image 4: Editing
