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I have an iPad Air 2 processor managing them all efficientally, inside my iPad Air 2 wifi only model. The tethering create no conflict and saves you the extra $150 for the cellular version ipad, plus the $10-$20 monthly fee for ipad data. Why pay that when you can tether for free with Verizion? I've been doing this and it runs flawless. Technically, the only reason you need to tether for data is to for dynamic home points, or so I've heard. I'll experiment and post the updates in a few days.
Using any kind of tethering or hotspot utilizes wifi and unless you're specifying that your hotspot run using the 5gjz band (which is possible) I'd avoid doing that as you seriously want the least amount of 2.4ghz signals around your Phantom 3 controller if you want to maximize range and reliability.