To create a launch pad you will need:

• A ceiling fan
  
• Two canvas blocks(A few extra if you want to decorate)

The magic is in the ceiling fan, once placed on the floor you can jump above it and make the
character float.
This can be used as a launch pad as its self since it can push you quite high but if we place a platform above the fan and the player just walks on top of it they don't float. If the player jumps they still get a boost since they are in the hit box of the fan. Players still do float though if you jump over the fan even when the platform is there but that is as expected since thats how the fan works and this is why this technique works because you walk in from the side of the hitbox and not from the top.

We sure can, lets start by placing a canvas cube where you want the launch pad to be placed.
Next place a canvas cube on top of the one we just placed and make this one larger with the settings: Scale All 1.0, Scale x 1, Scale y 1, Scale z 0.

Then we remove the smaller canvas cube to leave the larger one floating.

We are now ready to place the ceiling fan underneath the canvas cube facing upward.

Now we are done! You can choose to decorate the launch pad if you like and before you give it a go make sure the fan is turned on.

A player named Sharkey[forums.pixeltailgames.com] found out scaling the launch pad with the item scaler makes your character launch higher.

Yes you can, here is a demonstration of using the launch pad.

You can buy an actual Launcher Pad item from Central circuit, at the time of making this guide this item wasn't out yet but now you can have a proper launch pad!