If the lift is going up or down maintaining constant velocity or if it is not moving at all, in all the three cases if you drop the ball it will take the same time to hit the floor. It is freefall in all three cases because you are just dead-dropping the ball and not giving any initial velocity or accelaration. (Inertial Frame)
What you are referring to with the word weightlessness is called negative 'G' effect. Suppose the lift is going down with an acceleration of g/2 (g ~ 9.8 m/s^2 is the gravitational acceleration) then you'll feel only half the weight you should feel, and if the lift is going up with an accelaration of g/2 then you'll feel 1.5 times the weight you should feel. (G-Force)(Non-Inertial Frame)