there is another law of cat physics which may come into play here. any time you put something on a cat’s back (remote control, coin, etc.), the cat will move forward out from under the object. therefore, you would create a bullet-like projectile as the cat/toast spins and moves forward, perhaps serving as some sort of propulsion system. the development of this technology could be called “the purina powered propulsion project”.
Having read through the posts, I notice no one really covered your question. 
Well, from studies of cats falling, apparently it’s been observed that they spread out like a parachute against the air resistance.
But while a cat in orbit would have a sensation of falling, how would it flip itself around? There’s no air resistance for it to use as in an earth fall. It might be unhappy, and not know up from down, but I don’t see how it would do flips…
And I agree with Phobos. From my cat’s reaction to a fall, I think it would grasp on with all claws extended to anything in reach (expensive curtains, my leg, scalp…)
Is the cat in a box with a bottle of cyanide gas?