It is an idea I have been toying with for a few months now, and, as far as I can ascertain, hasn't been tried as yet! (Well, not for aerial photography. Otherwise, it's a proven concept)
The initial costs would be in the few hundreds, maybe 5 or 6, but having suffered a heart attack earlier in the year I haven't had the funds to build.
It's good to hear that there are avenues to follow that would/might make the project worthwhile!
The problems, as I see it, with Shrimpy's helicopter, are the weight only allows small cameras, vibration from the heli for really smooth shots, and it takes almost as much skill to fly an R/C heli as it does to fly a real one!
By all means PM me a phone number and we can talk about it, you can laugh at the idea or consider it, whichever you feel is appropriate!