Chuck,
Not at this time. This is something we are looking into further. It's a pretty big deal to support Portrait mode in the Firmware or Device menu system. Stay tuned.
You might consider having the iFly 720 boot to Navigation Mode, so that most of the time when you fly, it will boot to Portrait Mode and you would only see the Menu page for a moment. We'll continue to look into this further. Thanks for the feedback. I have this on our Wish List as well.