A geosynchronous polar orbit is not geostationary. The ground track of such a satellite, as far as I can figure it out, is a bit like a figure 8 on one hemisphere of the Earth, touching the two poles at the extremes. Of course this track repeats every day, but there is no way of creating an elevator of any shape.The adjective you were looking for is "hare-brained"
...Again, I've put no thought into this. ...