The lowest Elevator Track does not need to be placed on a foundation. But if placed on a foundation, the direction the track faces is dependent on the direction the foundation was laid down, so you must effectively get behind the elevator track to place it, because it will face the other way. Foundations that are snapped to another foundation follow the direction of the original foundation, regardless of direction faced.
Succeeding Elevator Tracks then snap on top of lower ones. You can attach any Elevator Platform to the bottom of the lowest Elevator Track.
Elevator Tracks cannot be placed on platforms (e.g. Rafts), and terrain or resources clipping into it can prevent its use.
Unlike the metal elevators, the wooden elevator is powered by a mechanical switch, the Wood Elevator Top Switch. It has to be placed on the top of the Elevator Tracks. Standing in front of the switch and pressing E repeatedly will slowly raise the Elevator Platform.