You could probably adjust them manually that way by turning on constraints, set to Normal, and moving the verts. They'd only move in or out along their normals. It's like Push, in tool form.
Is the end result you're looking for to make the verts of the subdivided surface lie on the surface of the mesh you're tracing?
If so, it's not exactly what you're looking for, but you could try the Max_Retopo
script. It's different from the PB/Graphite retopo tools, because it projects the new vertex positions from all around instead of in screen space, so that, for example, if you had a cylinder and wanted to conform it to an arm shape, you could select the loops and have it move them to the surface, rather than having to spin around it vert by vert. So what this means for you is that you could have it snap the resulting TurboSmoothed mesh itself to the surface of the other mesh, and they'd line up.