To turn this into a better camera platform the KK board has to be replaced. The reason being, it only has a few basic flight modes including self level, but does not include altitude or position hold.
The flight controller should include the flight modes mentioned and support advanced modes like return to home, waypoints, and follow me.
I've been looking at either the DJI Naza, or the open source PX4 controllers like the 3DR Pixhawk. I ultimately decided to go with the HobbyKing HKPilot32 which includes GPS and Telemetry. This gives me a lot of options at a good price.