I'm not aware of a way to do it by clicking around gui. But it's relatively simple to make an intervention to a particle process shader. Convert the process material to a shader and at the end of vertex function simply set the TRANSFORM output matrix to have a desired basis.
float elongation = 5.0; #also can be sent as uniform
TRANSFORM[0].xyz = normalize(VELOCITY)* elongation;
TRANSFORM[1].xyz = normalize(cross(lookat, VELOCITY));
TRANSFORM[2].xyz = normalize(cross(TRANSFORM[1].xyz, VELOCITY));
lookat is a custom uniform you'll need to send to the shader. It's camera's look direction (basis.z) in global space
var cam = get_tree().get_root().get_camera()
var lookat = cam.global_transform.basis.z.normalized()
particles_node.process_material.set_shader_param("lookat", lookat )
A quick test:
