ESP8266 as a flight controller. In theory is could work. - See more at: viewtopic.php?f=32&t=11880#sthash.lvIVIuo4.dpuf
I think you have failed to consider that the 'user' timeslice for the Arduino code must relinquish control every 50mS to the RF section of the chip to handle the networking features. Having 50mS gaps (or more often if your loop() structure executes faster than every 50mS) is going to play havoc with any flight-controller functionality! IMO.
Ray