Well that same question was asked with proto-mechs. They have a hybrid glider version.
If you check out the War of Reaving product they have the construction rules for glider protos. there are some advantages, and some (IMO overwhelming) disadvantages.
Basically, if we take the glider construction rules as an example, an air-mech would suffer from a reduced movement compared to a LAM air mech, but increased movement over a traditional Mech. they would also not be able to mount Jump Jets, a significant road block.
The premise behind the Glider Protomech construction rules appears to be that they don't get "jump jets" because they get a full "WiGE flight system" instead; the inability to jump is nothing if you have the ability to fly. That's also the reason why Glider Protomechs aren't allowed to take partial wings: they already have full wings by virtue of being gliders.
The Air-Mech equivalent to this would be to forgo the jump jets that an LAM would have in exchange for a "10% of tonnage" lift system that would operate in a manner similar to a WiGE Lift System, very likely up to and including some sort of Tonnage-based Suspension Factor that figures into the calculation for its Cruise MP (not just a flat +2 Cruise MPs). Since an LAM in AirMech mode has a Walk MP that's 1/9 of its Cruise MP, you'd need a Cruise MP of 14 to 22 in order to have a Walk MP of 2; so saying that an Air-Mech's Walk MP is automatically 1 is a reasonable simplification. Still, it wouldn't hurt to say that Walk MP = Cruise MP/10 (minimum 1), and Run MP = Flank MP/10 (minimum 1). Or, just as likely, Run MP = Walk MPx1.5, rounded up.
Suspension Factors for an Air-Mech would probably be comparable to Suspension Factors for a WiGE design; but I could see an argument for them being somewhat higher, if LAMs in Air-Mech mode are anything to go by - especially if you're going to keep the special rules for Air-Mech Flank speed.
My thoughts are ground speed is always 1/1, the WiGe cruise is (engine/tonnage)+2, flank calculated as normal. However, if a torso gets blown out, that's it!!! mech crashes and likely explodes, or at the least is so badly crippled that it can only walk 1 hex per turn.
I would hazard it would follow all the normal rules for LAM air-mech movement. Use aero piloting for WiGe and Mech pilot for traditional ground movement.
I'd be more inclined to use the air-mech critical hit rules from the Quickstart rules instead of a flat "lose a torso location and you crash" ruling. That said, those aforementioned Lifting systems need critical hit slots, too, and it would make sense for them to be in the side torsos. Net result would actually be a bit more severe than what you're suggesting: you can end up being grounded
without losing your side torso.
Personally, while the concept is interesting, it's even less versatile than a LAM while still not bringing much new to the game tactically. we have super heavy WiGe vehicles and the air-mech would only provide a slight advantage in durability. Also, without an atmosphere these guys would be useless, so that is another issue to consider.
"Even less versatile than a LAM" is like saying "even smaller than a giant". Perhaps the
only thing that LAMs have going for them is their versatility: they certainly can't keep up with Battlemechs or Aerospace Fighters in their own domains.
Combat WiGE vehicles cannot exceed 80 tons, whereas LAMs and Air-Mechs presumably can't exceed 50 tons, if past construction rules are any guide. There would likely be 55- to 80-ton WiGE vehicle designs that would outperform a 50-ton Air-Mech; but there are also 200-ton tank designs that can outperform a 100-ton Battlemech. That doesn't mean that Battlemechs are inferior to tanks. Keep the comparisons fair: a 50-ton Air-Mech vs. a 50-ton WiGE combat vehicle.
Yes, Air-Mechs in a vacuum (but on a planetary surface) are restricted to their pathetic Walk and Run MPs; but a WiGE vehicle in a vacuum is
immobile. Still, it doesn't pay to deploy
either in such conditions. OTOH, an Air-Mech
could be deployed in space in a manner similar to how a Battlemech could be deployed, using its propulsors to maneuver in a similar manner to how a Mech can use its jump jets. They wouldn't have full access to their Cruise and Flank MPs; but I could still see them being reasonably effective in such a situation.