That is correct.
1) The tension in the cable can only go to 0. If we want the elevator to go down faster, we would have to attach a cable to the bottom of the elevator and pull it. With no tension, the elevator falls to the bottom of the shaft.
2) If the maximum tension for the cable is exceeded, then the cable snaps and the elevator falls to the bottom of the shaft.
3) If we raise and lower the elevator by letting out or pulling in cable at a fixed velocity (say 2 ft/second - so it takes 4 seconds to go up one 8 ft floor and 40 seconds to go up 10 - 8 foot floors {89 ft}, what is the acceleration of the elevator for most of the journey (excluding the very start and the end of the trip)?
Remember: acceleration is the rate of change of velocity.
4) Would you get on an elevator that has a significant acceleration (other than for a joy ride?)
5) Do you know where the value of g comes from?