Thinking about a "counterweight" orbiting a planet to which it is connected by a cable: as the cable offers resistance to the planet's atmosphere, and as the planet's atmosphere is active/changing, the "thing orbiting" would still have to have an excellent aerodynamic shape to survive the planet's atmospheric effects, right? (as e.g. the lower part of its cable would probably soon or later be "pushed" by winds theref…
Centrifugal force would keep straightening it up.
E.g. as soon as the cable has headwind (in the opposite way of the planet's rotation) the cable would slack off, the thing in orbit would slow down & lower its altitude (how much? Would it anyway have to always skim the upper atmosphere?) => then as soon as the cable gets tailwind the opposite would happen, with relative slingshot-effect.