Earlier quoted context omitted.
Unfortunately a gyro and accelerometer would only be able to provide the orientation of the device, not its location relative to the phone.
Yeah, but the gyro/accelerometer could provide short movement measurements, no? IF you combine that with the distance measurement you get from the BT device, you should be able to figure out the direction to the BT device?
This would at least give you a compass heading that you could use when integrating the accelerometer data to give some kind of course over time.
It'd be pretty unreliable though and add a lot of cost.