That seems workable, except the ribbon can be only slightly tapered.
No, no. No taper at all. My design is a single loop, maybe 300,000 km of ribbon that all goes all the way around. So there's no part of it that's never under the maximum strain, and it can't be tapered. This means it needs a very strong ribbon, maybe (probably) too strong to be possible.
Nonetheless, I occasionally consider gathering together all the parts of the
Moving Ribbon design that I did in the spring of 2005 and making it into a coherent document. It had some neat ideas, including the perpetually-climbing power supply and a big rotating ring at GEO between the upward and downward parts of the loop. The hardest part, for which I never had a solution I was satisfied with, was getting on the ribbon at ground-level. You really have to accelerate to the speed of the ribbon (1000 kph) before grabbing onto it, and it's going straight up.
The moving ribbon seemed to me to be the only usable way to get people to GEO. At that speed it's only a 36-hour trip, so you get through the radiation belts with all due haste.