I can't comment on Photoshop Elements, since I've never used it, but there are frequently programs at universities that offer Photoshop at a deep discount. Not sure if you're a student or not, but I was able to get my hands on Photoshop CS5 for about $180 with one of these programs. Naturally, it's fine for printing with my Canon Pixma Pro 9500mkII.
Doing your own printing is
highly satisfying. Setting up the proper color profiles for each paper and getting the initial calibration set up takes time, but there's something much more solid and beautiful about a printed photo versus one displayed on a screen. I could bang on about DPI and luster, but I think it's as simple as the (in modern times) increasingly rare feeling of holding a great photo. Screens are great for editing, but they're just not as good for viewing the final product. Knocking out your first 13x19in print will make you feel like a god.