Hi,
I still should be possible to connect the FT311 chip to the “normal” OTG port but no power will be delivered to the peripheral. I would recommend using a different approach.
The second question you have is about the development environment. I don’t think the android emulator has support for usb devices so running your code inside an emulator is probably not the thing to do. Just install android studio and connect to your device using adb over a wireless connection.
(I previously looked into usb support of the emulator but this was a few years ago AndroidEmulator · keesj/gomo Wiki · GitHub )
If you are a c/c++ coder and you are using a usb device you can also develop 95% of your driver under Linux/windows using libusb and move to the android libusb later.
With regards to batteries…
It does not look like the recommended way of doing things. https://www.reddit.com/r/AskElectronics/comments/1p0uiw/asking_for_clarification_on_wiring_cell_phone/