It is doable but using the thrusters could make it very complex (getting just the right amount of thrust for hovering and moving around. You would essentially create a Player Controller, set up all of your components (including the thrusters), and then in the Event Graph make the thrusters Toggle Active on a button push.
Your other option would be to alter one of the standard controllers to simulate a thruster effect.
Here is more info on setting up a character contoller.
And here is also a step by step tutorial on YouTube for setting up a Third Person Blueprint. It’s not exactly what you are doing but the set up is pretty much the same.