Such a tunnel is not plausible for a number of reasons.
1. Problems with orbits
First of all, as other people have said it would only work for equatorial orbits which were either circular (very long tunnel) or had a period which is some rational multiple of the Earth's rotational period. And, again as other people have said, the real Earth is nothing like symmetrical enough that you could get away without ongoing orbital corrections (and there are awkward objects like the Moon and Sun which perturb orbits of course). Any significant error will result in an object travelling at orbital velocity hitting the side of the tunnel and you do not want to be anywhere in the neighbourhood when that happens.
2. The tunnel probably can not be built
Secondly it is almost certainly not possible to build such a tunnel at all (if we rule out a tunnel which completely circles the planet's equator, which probably is at least physically possible, although you would have to fight with the particle physicists over it, as they'll see a very different possible use for a huge circular tunnel full of vacuum).
2a. Atmospheric pressure problems
So, ruling out those sorts of tunnels, consider an open tunnel (so not one that goes all around the Earth) and consider the pressure at the open end of the tunnel. At whatever height it is, there will be some atmospheric pressure. If the tunnel is initially evacuated, then that atmosphere will obviously start to fill the tunnel, until the pressure at the top of the tunnel equilibriates with the atmosphere. At that point the bottom of the tunnel will be at something close to atmospheric pressure on the surface, if we assume it is at the surface. To deal with this the tunnel will have to be continuously pumped, and the top of it will need to be high enough that the amount of atmosphere leaking into it is small enough that it can be pumped.
Well, let's say that this means that the top of the tunnel needs to be somewhere around the Kármán line, which I will take to be 100km up.
2b. Other pressure problems
This means that the top of the tunnel needs to be supported by some structure about 100km tall. What would such a structure be like? Well, first of all let's consider the acceleration due to gravity, $g$, to be constant over the height of the structure: this is true to about 3% for the Earth, so it's a reasonable approximation. Whatever tower supports the top of the tunnel has radius, $r$ which is a function of height. And it turns out that:
$$r = r_0 e^{-\frac{g\rho}{2 P}h}$$
where:
- $h$ is height up the tower;
- $r_0$ is the radius at ground level;
- $g$ is the acceleration due to gravity (assumed constant with $h$);
- $\rho$ is the density of the material from which the tower is made;
- $P$ is the pressure at which the material from which the tower is made flows.
Further, the mass that the tower can support at a height $h$ is:
$$m = \kappa r_0 \frac{P}{g}e^{-\frac{g\rho}{P}h}$$
Here everything is as before except for $\kappa$ which is a fudge factor determined by the cross-sectional shape of the tower, with $\kappa\ge\pi$ and the equality only for a circular tower.
So this tower becomes exponentially large at the bottom, and depending on the material used it may be absolutely vast. If you consider $g$ properly, allowing it to decrease with height as it really does, then things get a bit better, but the change in $g$ over this height is too small to help significantly.
But it gets worse: the tower has to sit on something. So however super the material you use to make the tower, if $P$ at the base of the tower is greater than the pressure at which rock flows, it will just sink into the Earth. Well, there's a reason planets don't have arbitrarily tall mountains and it is basically this.
So even if you could find some amazing material with a very high $P$ and a very low $\rho$ you probably can't build this thing. I have not looked up what the best such materials are.
3. If you could build it, you wouldn't
So let's assume we've solved the problem of the 100km tall towers to support the top of the tunnel. OK, wait: we now have a 100km tall tower up which we can lift a spacecraft and then launch it from the top, avoiding the whole tedious atmospheric-drag thing (obviously you still need the very significant $\Delta v$ to achieve orbit, but you don't have to worry about all of the complexities involved in getting a rocket up through the atmosphere). So, forget the tunnel, just use the tower to lift spacecraft and launch them from the top!
Disclaimer: I've checked the above for dimensional sanity, but I wrote it all down rather quickly. Certainly the radius is exponential but I may have factors wrong.