you can increase the electrical resistance of an electric motor by applying the breaks, and i think the reverse would be true with your hovering flywheel gizmo. the second you start tapping energy from it, it will loose momentum really fast. while ive seen lots of desk toys that levitate oddly shaped spinning objects and know exactly what youre getting at, i dont think it would qualify as an energy storage device.
i actually thought of building a 3 axis flight simulator which could completely avoid gimbal lock that most simulators have. you hover a spheroid simulation compartment on a magnetic coil. then use changes in the magnetic fields to orient the sphere in any way the software demanded.