The original steel winch line proved to be too fragile. It frayed as I descended in the elevator cabin.
Fortunately, the safety feature: a car seat belt, worked and successfully locked up. I'm planning to add 2nd car seatbelt to double it up.
Steel winch line was replaced with 10 tons heavy duty truck towing belt. The belt increases the diameter of the winch shaft, which significantly increases the travel speed of the elevator cabin.