The size of the text on these toolbars is based on the resolution you have your monitor set to. There's no way to set it independent of the rest of the interface.
What resolution is your monitor set to? Are you working on a laptop or a monitor smaller than 19"? (1280x1024 is really the minimum you should go on a 19" monitor.)
I am not 100% sure, but I think you may also go into Windows and change the "overall" font sizes with a Windows option
Search http://search.microsoft.com/search.aspx?mkt=en-US&setlang=en-US for Microsoft articles on setting font sizes
ADDED... I just did a quick search on my computer (with Windows 7)
Go to Control Panel
Select Appearance and Personalization
Look at the options for Display
-my font options are 100% (default) and 125% and 150%
I do NOT know if this will change font sizes in a program
The challenge is that the text in Premiere Elements is not actually a font. It's a part of its graphical interface.
Windows has a magnifiyng glass, you can use that or buy glasses as I did.
My monitor is 211/2 inches. The resolution is set at 1920 X 1080, landscape orientation. Would a change in this make the font size larger? You said that the text in PrE 10 is not a font though. It's part of the graphical interface. I went to the Control Panel/Display and changed the Custom DPI to 200%. All the text on my computer is now large! I think perhaps the font size in PrE is also a little larger but this might be wishful thinking.
All that matters are your results, Tommy. Glad you've been able to get it to work.