Those elevators were scrapped. And they would never work for vehicles
Actually they would but it's still only for a single shape. Look at it like this:
The way the elevators work is a schedule moves a shape. It also does a search, finds all players who are 'on top of' the shape, and moves them appropriately as well, maintaining relative positions. If the shape were to move horizontally it would do the same thing.
However, for dynamically buildable vehicles that means lots of individual shapes, since there's no mesh compositing tools available in-game. That means this check
potentially hundreds or thousands of times for one vehicle. That is a guaranteed cause of lag, and no, the schedule part has nothing to do with it, shut up you don't know what you're talking about.
Buildable vehicles is possible, sure. It is however not a good idea, as it's impossible to make it efficient in Torquescript with the tools available to us within that scope.