Planets are 'tethered' to the Sun.
No, they are not. Planets, and all celestial bodies follow equipotential lines along the curved surface of spacetime. They are not tethered to the sun by a force - they are simply conserving the kinetic energy they have acquired over their past history of formation and interaction with other objects.
Sigh,.. metaphor dude.
Lets look at your full post:
If you have a rotating sphere out in space away from gravity and attach a tether to the surfaceI expect the system will rotae about the center of gravity. On an asteroid you may end up with wild uncontrolled behavior.
Planets are 'tethered' to the Sun.
In the first paragraph you are talking about attaching a tether to the surface of an an object in space that is "away from gravity" (we'll come back to that). In the next paragraph you say planets are tethered to the sun. A reasonable assumption would be that you are referring to the force of gravity as a tether - the planets are tied to the sun by gravity. I am pointing out that that is not true.
What you are saying is that the object is spinning and tumbling as it moves through space, and that suddenly attaching a physical tether to the object would dramatically change the trajectory of the object since the energy associated with the object's spin would have to be directed somewhere. But I'm not sure how this relates to the sentence which states the planets are tethered to the sun. What is your point?
There is no "away from gravity". The presence of the sphere causes the spacetime around the sphere to distort. But I understand what you are trying to say and we can overlook this simplification.