Earlier quoted context omitted.
Reaching orbit is mostly an issue of velocity, not altitude. This is why balloons can get very high, above of almost all earth's atmosphere, while being far from orbit. Rockets spend most of their ascent traveling nearly horizontal to the ground (they only go straight up at the beginning to get out of the densest part of the atmosphere).
What about geostationary orbit wrt balloons? Do the balloons slow down horizontally a lot during the ascent? If not, what if we floated a rocket up most of the way and let the rocket do the rest?
You gain nothing from the height, because you still need to spend ~10km/s getting up to orbital velocity, but you don't have to push your way through the thick lower atmosphere any more. Rockets don't work very well in atmosphere, so you do get fuel savings due to more efficient engines.
I don't know if this has ever been tried for real.