The speed of your camcorder doesn't matter. You can apply Time Stretch to any video clip.
There's a limit to how much you can slow it, of course. With that camera and Premiere Elements, you're not going to be able to slow down a water spray so you an see the individual droplets or anything like that. But, if you combine TimeStretch and Frame Blend, you should get very good results slowing your footage down a certain amount.
How much you can slow it and still be satisfied with the results is kind of a judgment call. So I encourage you to experiment and see what your tolerance is.
Thank you for your response. I've used time stretch and frame blend, but was only able to slow it down to about 35% speed before it appeared jumpy. I saw a video shot with a basic dslr camera that slowed down to 1200 fps and appeared buttery smooth. In the comments someone had asked the maker how to do that, and his response was, "There's tricks to setting up your camera." So I assumed there settings that needed to be changed.
If your camera is capable of shooting 1200 fps, it's much easier. But this camera is not a high-speed camcorder. Unlike specially designed cams for shooting things like balastic tests.
But you can't add video data where none exists. You can only slow down 30 frames per second (or even 60p) so much before it looks jumpy.