My quest is if anyone knows how to create an Android app that can send electric charge through the device\'s headphone jack, like in this video iPocket_LED. The video shows an a
Yes using both at the same time is possible as this is how phones are designed to work. In fact depending on which specific device you have, overriding the volume limit will also give you a bit more power.
The best bet as far as lowest possible loss would be active rectification: at the null point have it switch over to +2V and the rest of the time whichever is the highest peak gets rectified. Simple enough to use two dual MOSFETs and this should get you enough power to at least initialize a phone though probably not charge it.