I had the same problem and all the tutorials I found on this subject appeared to be very wrong, but I managed to do it just by studying a fan in the DM-flux2 level of UT2003.
All you hav to do is:
Select a static mesh, create a mover and select it's properties.
Highlight the advanced options and set everything to false except:
> bEdShouldSnap, bMovable, bNoDelete (Set these to true)
Now highlight the movement options and set bFixedRotationDir to true and the physics to PHYS_rotating. Finally alter the rotationrate to the desired rate of rotation (experiment with the rotationrate as much as you like)
Set MoverEncroachType to ME_IgnoreWhenEncroach to prevent the mover from rotating to the other side (returning)
Also I've set the InitialState to None.
I think that about covers it, let me know if it works
