The short version is nothing much has happened, and is unlikely to happen in the near future: currently my energies are directed towards cycling and classwork, with little left over for designing and constructing a hovercraft.
Having said that, parts for the next craft keep showing up in my parent's garage! So far I have most of the thrust drivetrain, and a 36 hp two stroke motor. Still to come is a matched thrust prop for the motor, and a new lift fan since my current one is, to put it lightly, showing its age. All of these parts are coming from my mentor for my high school project, off of a previous craft of his.