Keep in mind that stability in a magnetically levitated rotating object turns out to be a very elusive target. For some interesting reading on the subject, do a google search for "levitron". This is a magnetically levitated toy top using two ring magnets similar to what you describe except on a much smaller scale. There are lots of sites that describe the physics behind it.
For decades, this phenomenon was considered impossible due to insufficient stabilizing force available from the gyroscopic effect vs the inherently unstable repulsive forces of the opposing magnets. Then some guy who didn't know any better just went and did it. Don't you just love the underdog?!
The story of the top itself is also interesting in it's own right. Invented by a brilliant recluse and stolen and marketed by a second, who made millions.
In industrial magnetic bearings, they use conventional bearings to get the object rotating up so speed and then withdraw the conventional bearings and allow the magnetic bearing to take over.
Good luck and have fun!
troy