Good points on the tether, Boris. I haven't done the maths to calculate the effect of atmospheric drag.
http://www.tethers.com has some stuff though.
In general terms, your objections notwithstanding, I still think it's an interesting idea. This is because *if* it's feasible, it's an awfully cheap and easy way to get into space.
It's almost certain that a constant reservoir of power would be required at the orbital end. The deal here is, that - by using solar power and machinery, it's not expensive to do this compared to the cost saved hauling ourselves out of the gravity well by conventional means time and time again.
I think the key to success is the strength/weoght ratio of the nanotubes (which currently can only be grown to a few hundred microns, and we need over a hundred kilometres for a tether). If enough safety margin can be built in, and the energy unit topside can be built to be reliable and durable, the idea might just be economically worthwhile.
But, really, this is mainly gut feel. There are so many parameters, and so many as-yet-unknowns to figure out.