TLDR; The layman can for a few seconds, and a skilled enough lurcher could keep it up indefinitely.
This ball metaphor matches up exactly to this scenario. Yes air resistance will slow the ball and make it fall, but if you stop spinning the string the ball won't fall immediately. So pulling from your center of mass, and with a friend throwing it perpendicular to you, you could get a few revolutions. BUT you don't actually have to pull from your center of mass. You could, with experience, practice, and probably luck pull from an orbiting node around your center of mass, just ahead of the ball. This provides the forward force you need, and if you get it exact you can perfectly negate air resistance.