Are you using a separate color corrected monitor, or are you looking at the Program monitor?
Just a single (profiled) monitor.
As Premiere is not a Color Managed Workspace, the calibrated computer monitor will not be 100% correct. To do advanced CC, I think that you will find Adobe After Effects (a Color Managed Workspace) to be more what you are looking for. PrPro adds many CC Effects, but is still not a Color Managed Workspace, so one needs to output to a calibrated broadcast monitor for critical CC work.
Also, as Video is likely displayed on myriad devices, from computer monitors to a plethora of TV sets (of various levels of calibration), one can only CC to broadcast standards, and then hope for the best with the viewer's equipment. PrE is designed for consumer output, where PrPro includes broadcast capabilities and After Effects is designed around broadcast. The difference between PrE and PrPro is similar to a comparison of Photoshop and Photoshop Elements, in that Photoshop offers CMYK output for commercial printing, where PSElements does not.
Until fairly recently, PrE offered scant few Effects to manually CC footage. The addition of the Three-way CC Effect is a big bonus, but as you have found out, for broadcast work, it is lacking.
I do not know of any CC plug-ins, that will function better in PrE, but places to look would be the NewBlue FX portfolio, and the Red Giant portfolio. Also, make sure that when checking out host applications for their plug-ins, you see Premiere Elements, as most will work in Premiere Pro, but fewer in Premiere Elements, due to differences between those programs.
Thank you Bill. I completely agree with your points and I understand that proper CC can not be achieved with PrE.
I would happy with getting part of the way though. The reason why I am bringing this up is that I have a lot of footage in mixed lighting scenarios. Say fluorescents lighting the background and the subject lit by tungsten. Any "one size fits all" color correction would fail. Exporting to After Effects doing color correction there and then importing the fixed footage to PrE would of course work but remembering my last project is quite slow/painful. I was hoping for something that integrates into PrE.
Aside from NewBlue are there any other plugin manufacturers that support Premiere Elements? My googling has not turned up much.
I am not familiar with any, but that does not mean that there are not several.
As I use PrPro and AE most often for such work, I have never really looked for possible plug-ins for PrE, so am not the best person to ask. Others, who use PrE exclusively, might have some great options for you.
Good luck, and wish that I had more.
PS - I fully understand your comment on "one-size fits all," not being viable. I used to hate that PrE only had some of the "auto" versions of some Effects. While PrPro has most of those, it also offers a non-auto version, and that is what I always use. Having to go with only the auto versions was a turn-off for me, but things get better and better, with each new PrE.