No. The elevator's tether is a continuous object of length at least 36 000 km, from atmosphere to geostationary orbit. Practically all satellites are flying within that range of heights.

If by 'elevation' you mean 'latitude', then no. The elevator has to be on the equator. Or rather, the geosynchronous anchor has to be over the equator. I think the elevator cable could run to any point on earth, but it's going to hang as a curve where most of it is vertical over the equator, and so is in the way of satellites in equatorial orbits.