What are the properties of the source media that you intend to bring into this project? Photos what pixel dimensions, video shot holding camera to give you a portrait look or the normal video landscape view??
What adjusts, if any, does the portrait monitor allow for?
I will think about this in the morning.
Welcome to the forum.
As PrE only allows for more traditional Video formats, and all in horizontal/landscape orientation, I know of no way to setup a vertical/portrait Project. PrPro does allow for almost total customization, and can be set up to vertical/portrait, i.e. 1080 x 1920. This thread covers a bit of that: http://forums.adobe.com/thread/1334680?tstart=60 Note that it refers to PrPro (not PrElements), and the OP also wants to Import rotated/portrait footage, edit it in horizontal/landscape, then output to vertical/portrait - so not exactly what you are asking for.
Now, one might be able to create a traditional horizontal/landscape Project, then hack the Project's PREL file, which is but XML code, but I have never tried doing that, and have not read of it being done. However, in theory, it should be possible, but I do not know what the results would be. Perhaps ATR will have some thoughts on doing the Project hacking, and then outputting to a vertical/portrait file?