I think you should be careful about taking the notion of 'flying' the head too literally. Think of the air as a 'spring' which is holding the head at a precise distance above the platter, the head is pushing "down" and the spring is pushing "up", so if the head is too far away its down force is stronger and it moves closer, if the head is too close the air's "up" force is stronger so it moves away. This is simply a very precise way of placing the head over the platter, which is necessary because the shape of the magnetic field is a sphere and the 'circle' of its intersection with the platter is determined by the distance from the platter by the head.

In terms of the mystery thing 'x', most of what you might think of as candidate materials have been tried. The challenge is to reliably (well at least reasonably so) flip the state of a bit on the substrate in about a microsecond. And do that as cheaply as possible.

It is exceptionally challenging engineering.