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Let me guess here...Clay, YOU'RE the new EASTERN U.S. and Bill, YOU'RE the new WESTERN U.S. Distributors for the Otis Elevator Co. of Farmington CT...RIGHT?! 
(actually, I think you guys are probably right here...not only would purchasing a professionally designed and built elevator most likely be more cost-effective, BUT getting it approved by Rich's local Building Inspector would most likely be a heck of a lot easier also...that of course all depends on what purpose Rich has for this)
No but I did stay at the Holiday Inn Express..........
I am a mechanical engineer, and I understand the ramifications of safety and the lack of it, to humans, and to the pocket book.
It may or may not be cost effective depending on the use, but I really can't think of a use that hasn't been designed. Also, I'm sure the internet has plenty of real info on elevator design already in use.
The only elevator I ever designed lifted socks! 
Clay
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