What version of Premiere Elements are you using and on what computer operating system is your Premiere Elements running?
What format was the 8 mm digitized into? Are you trying to make more of your
original than it is? Are you trying to push 4:3 720 x 480 into HD?
How bad a clean up are you talking about?
For cleaning, the best Denoiser on the market is Neat Video plugin. Its $50 for the home edition, but its limited to 720 output. If you want full HD, you'll want to get the $100 version.
Unfortunatly, there isn't a decent free option. I know, I have looked!
The color enhancments, can be done in Premiere. Just play with the adjustment settings and work till you get what you like.