ZDoom

How about defining an (invisible) actor that moves with the sector and defining a dynamic light for it?

The ambient sound should be audible regardless of the sector height. Just place the sound close to or in the sector.

For the dynamic lights you could place several at different heights.
Or deactivate them at first and activate, then deactivate them, with a script as the player moves through the height of the dynamic lights. Perhaps something like GetActorFloorZ. There are a few ways of doing this.

So for my map I have an elevator that also uses Dynamic Lights (to represent Emergency Power) and also includes Elevator Music, however when the Elevator moves, the two actors don't actually follow the lifts movement and will keep the same Z-location for some reason.

Anyway to fix this? It kinda ruins the point of using either.