All hovering requires is at least 10% more static thrust than the airplane weighs, and the right balance point in all three axes. Stable vertical hovers require surprisingly little control movement, if you've ever watched a "pro" at work.

How much does the plane weigh? I wouldn't expect that OS .70FS to hold up much more than maybe 6lbs even when propped optimally, and then only barely. You won't be able to pull out but at least you can add hovers and torque rolls to your repertiore.