Is 3.5mm audio jack suitable for rotating connection?
Don't think so.  The forces, and the angles of the forces, are designed for medium-to-high contact pressure at a point, not what you want in a rotating contact.  Also, the plating probably will not hold up.  Contact lubricant, such as what is used in slip-ring connections and potentiometer wipers, will help.  But before I'd commit to it, I'd rig up a mechanical gadget to exercise the mechanism around the clock and get some data.