Believe it or not, that's a feasible (ish) plan for a space elevator we could build right now. Instead of having a counterweight at GEO that's pulling on a carbon nanotube rope, you have a ring spinning inside another ring in LEO. The outer ring could be made of Kevlar, and IIRC, it would take something like a year or two of all current Kevlar production. You then need four stations approximately equidistant apart around the equator to act as counterweights.

The station for the Pacific would itself be quite the engineering challenge. Not a lot of land you can use at the place you need.