Yes. There is this company [1] trying to use a similar concept (ejectors) to build a « motorbike hovercraft ». I haven’t heard about them for a while. They have patents on the concept [2]

[1] www.aerofex.com [2] http://www.google.ch/patents/WO2011126535A2?cl=en

EDIT: link to patent.

This. The simplest way to guide would be with a flexible membrane in between the two rotors that contained some sort of electrofluidic bladder

+1. This is what I was thinking but I'm not a a MechE. Would it work?