If the math is right, then the biggest portion must be in the outer atmosphere...then Lucas was right...
Guys, check out this link:
http://www.zadar.net/space-elevator/
and I think all these questions will be answered, assuming you can understand it all. I admit some of it flew over my head, although with some study I could probably understand it all. All the objections you raise to the theoretical possibility of a space elevator have been considered. Cracking the whip or wrapping the whole thing around the earth is not a concern. Many, many practical difficulties do exist, however.
If the math is right, then the biggest portion must be in the outer atmosphere...then Lucas was right...