Could you make it over double the length needed, so if it ever broke it would be pulled away from Earth and float into space and not crash into the Earth?
No. You'd need an even more magical material that can witstand at least double the tensile strength (since the parts that go above and below the GEO anchor would be pulling with about the same force in opposite directions). And if you destroyed the GEO point anchor, the cable would just split in two - everything that's below GEO would fall, everything that's above would float away.
