are there size constraints? will the application be stationary while the bearing is in use? how high wiill the rotational speed be? is the load balanced around the axis of rotation?(or could you arrange for balance by adding a little more mass?)
you could use a fluid bearing. . . the old lighthouses used to float the lens assy on mercury in a narrow trough. things were so frictionless that a 10 lb falling wieght could operate the rotating assy for something like an hour per foot of fall. granted, we're talking maybe 5 rpm, but the frensel lenss often added up to 4-5000 pounds of glass and brass. Most of the drag came from the windlass gearing and the occasional 'guidence bump' of the floating assembly against the side of the trough. I believe that something less than a gallon of mercury was required for a 6 ft diameter bearing, because the trough was made to a very close clearance on the 'float.' Good leveling is important with a close-clearance fluid bearing . . . fortunately, such a device has its own built-in precision bulls-eye level. <G>
(note, I'm not recommending mercury persay . . .just something with a low vapor pressure. Like some of the newer 0w-20 motor oils, baby oil, or maybe low odor kerosene. if increased size and maintainance is allowable, water or alcohol would work, too; the lighter the fluid, the higher the allowable rotation speed.)
a simple one can be made with a couple of nesting soup-bowls or deep saucers. . . add just enough fluid to one to allow the other to float by a millimeter or so. of the bearings I outline here, the fluid bearing (being inherantly lubricated) will far outlast the others.
another possibility for such a light mass is to use a single needle/jewel type bearing. these are used in the toys that you may have seen that look like a light bulb with a little anemometer looking thing in them that spins when exposed to light. how's that for frictionless?
a simple one can be made by grinding a sharp point on a hard metal rod (I've used TIG electrode and hardened drill rod) and a punch mark made on the mating part with a single strike on a sharp punch. Alternative sources of 'jewel bearings' include Small Parts Inc, http://www.smallparts.com who will sell you a selection of nice ruby/ruby bearings for really disgusting prices. (but theirs'll last much longer than even a TIG rod) A jewel bearing will run 'lossless' at signifcantly higher rotational speed than a fluid bearing, and will tolerate a slight 'off level' condition better. Balance, or course, is crucial, and the mass needs to be below the bearing for static stability.
of course, you can combine the jewel bearing with the magnet. grind a piece of drill-rod to a nice, sharp, well-tapered point, and put a disc or cylinder magnet above same. choose the magnet just strong strong enough support the total load for best performance. . . you can fine tune things by adding or subtracting mass from the drill rod near its base. this bearing will wear the fastest, but will tolerate the most mis-alignment and unbalance. you can even put another magnet/point combination at the bottom for better alignment and more tolerance of imbalance/ higher rotational speed. balancing weight and attraction forces is the trick, but this mode gives a little flexibility in positioning your suspended mass.
if nothing else, the above should get your brain fired up. . .
-Dan