Your idea of translating everything to the 0,0,0 point seems fine
Its the method I've used before. ( and other packages I've worked on )
We stored our planet geometry in the CPU in worldspace doubles. ( it was an old project )
Then converted all the double-precision data to a 32bit camera=0,0,0 positioning scheme before sending to the card.
But if you're doing it using the compute shader then yea... I guess convert your matricies in a way that your data is still positioned relative to the camera rather than in world space.
Humas wrote an article in GPUPro 1 which describes how to handle matricies to minimize low-precision jittering.