If I establish a revocable living trust using a trusted friend as both grantor and trustee and myself as beneficiary and fund that trust with a bank account opened in the name of the trust, is there any potential tax ramification to consider other than a gift tax on my money transfer to my grantor?

That is an exceptionally complex tax question which cannot be properly answered without having detailed knowledge of your total financial situation. Given these facts, I cannot give a concise answer.