Well, actually it's a bit more flexible than that.
You'll be able to choose the dimensions. You could make a 16x32 elevator if you wanted. You could make a 55x11 elevator if you want. The minimum width/length will be 4, and I'll probably set the maximum to 64 (although I'll probably allow server hosts to change this value).
You'll also be able to set how tall (in plates) you're floor is and how tall (in plates) the elevator floor and ceiling are. The minimum distance allow between the elevator floor and ceiling will be 5 bricks tall, making the minimum floor height 5 * 3 (15) + 1 (floor) = 16. The ceiling would technically be part of the next floor.
Also, I'm developing a sliding Door system for use with the elevators. Yes, I'll probably come up with a separate sliding Doors for general use, but this will be only for elevators. You'll be able to set a sliding door that syncs with a particular floor (opens with elevator stops at the floor, notifies elevator that you want to get on, prevents people from entering elevator shaft, etc). The maximum Door width will be 1 / 2 of the maximum elevator width. The reason for this is that each Door will be 4 pieces. A container on each side that receives its half of the Door, and 2 Doors (one moves left, one moves right). All of the parts would have to be equal length, so if you're dealing with an elevator 64 bricks wide, each part becomes 16 bricks wide. 2 Door parts x 16 wide = 32 bricks wide.
Ok, that's about it for now. Lemme know if you have any further questions.
Laters.
P.S.
The official, straight-from-the-source answer on when this will be ready:
I'll release when I'm confident I've made a quality product, and not before.
Please stop asking. I'm not kidding. The intarwebz is serious business.