My answer: 816.126 nanometers. Someone please review my thought
process before I accept my own answer + declare myself awesome.
OK, I originally asked this question to save myself from doing some
math, but this was clearly a bad idea, as it doubtless angered the
Math Gods. I've now come up with an answer, which, of course, agrees
with neither of the previous answers (one of which was deleted). I'm
using a diagram, which of course makes my answer correct .
Generalizing the problem a bit: if I travel distance 't' from the
starting point, my new angle relative to the Earth's center is
Atan[t/r], where r is the Earth's radius. I call this angle psi.

The hypotenuse of SOE is $\sqrt{r^2+t^2}$, so I am hovering above the surface:
$$\sqrt{r^2+t^2}-r $$
If the Earth didn't rotate, I'd have moved $\psi r$ (along the Earth's
surface) from my original position.
If the Earth rotates theta in this time, I've moved $(\psi-\theta)r$.
Plugging in some values (assuming earth circumference exactly 40Mm),
where $s$ is how long I stay in the air:
$$ t = 40*10^6/86400 s $$
$$ \psi = \arctan[t/r] = \arctan [(40*10^6/86400*s)/(40*10^6/2/\pi)] = $$
$$ \arctan[\pi*s/43200] $$
$$ \theta = 2*s*\pi/86400 $$
$$ \psi-\theta = \arctan(\pi s/43200) - 2 s \pi/86400 $$
$$ d = 40*10^6/2/\pi*(\arctan(\pi s/43200) - 2 s \pi/86400) $$
My hovering altitude is:
$$ \sqrt{(40*10^6/2/\pi)^2 + (40*10^6/86400 s)^2} - (40*10^6/2/\pi) $$
For s=1, I get d=816.126 nanometers, and hover altitude of 1.68cm (the
latter seems high).
As a note $d$ appears to grow as $s^3$, so the longer you hover, the more you move per second (does this explain helicopter drift?)