Well, magnetic levitation is not new but doing this minus a central main bearing probably is. My gut feeling is "East River" but I don’t want to be too premature.
My main concern would be that the conventional closed mechanical loop enabling mechanical grounding of the bearing would not exist here. This departure from convention is not unprecedented so it boils down to implementation.
Certainly it would mean less noise but the problem for me lies in the fact that you are not only trying to shield the stylus from external interference, i.e. from the support and environs, but that the replay process creates its own energy which must also be "managed".