I am currently working on my vertical, would jumping rope greatly help in increasing it? Is it a good workout for your vertical?

Yikes. I have no idea. I can't see it hurting, it is making you:

1) lose weight
2) work your abs
3) work your legs
4) get you more comfortable with jumping




I heard wearing ankle weights around will help on vertical jump, but that could just be a myth.

is it a good cardio excercise?

Does it make you breath hard and your heart rate increase rapidly? Then it is a good cardio (aerobic) exercise.