Frisbees normally generate lift because their "wing" is moving through air, so what would happen if I just get the frisbee spinning without pushing its center of mass forward? Assume there is no gravity so there is no falling "parachute effect".
Let's define a frisbee as a 2D cross section which is rotated about the y axis, so that the object has complete rotational symmetry about the y axis. The spin for this experiment is then applied about the y axis and lift is the y component of acceleration. (If there were no rotational symmetry, one could obviously generate lift by using a "helicopter blade", or by simply adding some 45-degree "elevator tabs" to the bottom of a normal frisbee.)