The idea of offsetting the Earth gravity to render objects on it weightless is the basis of the plot of the novel The First Men in the Moon by H.G. Wells. This gravitational shielding is not possible, according to our current theories of gravity (https://en.wikipedia.org/wiki/Gravitational_shielding). Shielding is possible, of course, for the electric force, which follows a similar law (the Coulomb law, in the nonrelativistic case).
Short answer: No, in my opinion. Gravity must be understood before it can be "eliminated on earth." If it is curved space (according to general relativity) by mass/energy, then to uncurve it negative mass/energy would be required. There is yet no evidence of particulate negative mass/energy; however, dark energy is a possible candidate in that it is apparently causing accelerated universal expansion (and suggests negatively curved space), but, of course, impractical in this instance.
Everything is correct, only the unshielding of the gravitational field is an experimental fact. It, for example, is not observed during solar eclipses.
Indeed, it is is an experimental fact that standard matter does not shield gravity, as is observed, for example, during solar eclipses. However, the gravitational shielding in H.G. Wells's novel is caused by a novel type of substance invented by Cavor (cavorite). This is fiction, of course, but related ideas have been considered by serious physicists, and, furthermore, in the relativistic setting. You may be aware of the possibility of negative mass (https://en.wikipedia.org/wiki/Negative_mass). The not-yet-understood dark energy might play a similar role, as Warren Frisina points out.
The gravitational field equations do not prohibit the buoyancy field. We are not talking about negative mass. Perhaps we observe such a field in the form of "Fermi bubbles".
This is an inertial system. This follows from the principle of equivalence, which is the basis of general relativity. The equivalence principle follows from the experiments of Galileo, Eotvos and Braginsky.
Of course, we are talking about a fall in a uniform gravitational field.