Grayocean,
Thanks for your comments. Some of your facts are correct, that rotational momentum is conserved, that the moment of inertia of an ice skater decreases with arms pulled in so rotational rate increases and vice versa.
The c.g. of the bowling ball-golf ball system will be very close to the center of the bowling ball. The contribution to the moment of inertia of any mass is proportional to the square of its distance from the center of gravity. Thus, the ant's mass, moving from the surface of the bowling ball to the golf ball increases its distance from the c.g. of the system and thus increases the moment of inertia of the system which would slow the rotational rate of the system very slightly.
Looking at this thought experiment using a free body analysis of the ant, his tangential velocity increases significantly - it starts at W(RBB), where RBB is the radius of the bowling ball, and W is the rotational rate of the system, and ends up at W(LGG), where LGG is the length of the tether holding the golf ball (W doesn't change much). The force accelerating the ant is supplied by the tether in the bowstring mode, which I described in an earlier missive, so the tension force in the tether is large, depending on how rapidly the ant climbs, and is transfered to the golf ball whose distance from the c.g. of the system decreases and position relative to the original radial vector from the bowling ball also changes. The ant chooses his rate of climb which determines whether a large force is applied to the golf ball (space station) for a short time or a small force for a long time; in either case, the angular momentum of the golf ball (space station) decreases the same amount - roughly equal to the change in angular momentum of the ant.
Also, gravity is not zero, it decreases as 1/R^2, where R is the distance to the mass center of the system, so it decrease from 1 g to (4/26)^2g as a mass moves from the surface of the Earth to Geo altitude. (Gravity is not zero in orbit, it just appears to be so because all bodies are in free fall).
The ant (or the space elevator climber) would be climbing subjected both to gravity and to the force that is required to increase its tangential velocity (accelerate it).
Any way, whether the system is bowling and golf balls with an ant or the Earth, a geosynchronous space station and a climber, Isaac Newton and God agree, you don't get something for nothing.
An asteroid in orbit???? The effort and energy expenditure to modify an asteroid's Sun central orbit to one around the Earth would buy an awful lot of Titan IVs (whoops, sorry, no more Titan IVs. They would be Delta 4s or Atlas 5s)