What version of Premiere Elements and on what computer operating system is it running?
On the import/edit side of things, you computer resources and compatibility of the import formats will define the can or cannot do.
On the burn to side of things
Typically 90 minutes is said to give optimal results for the burn to DVD-VIDEO on DVD disc. However....
The DVD discs used for DVD-VIDEO on DVD disc typically are DVD-R 4.7 GB/120 minutes or DVD Double Layer SIngle Sided 8.5 GB/240 minutes.
If you work with "Fit Content to Available Space", the program will adjust the bitrate to make the fit. The lower the bitrate has to be lowered automatically by the program to make
the fit, the lesser the quality of the end product.
Best gauge your situation before the burn by looking at the quality area of the burn dialog for the Space Required and Bitrate numbers. If you see a Bitrate lower
than 8.00 Mbps (max value), you need to observe just how much lower. You can get away with some lowering, but....
Please review and consider. Any questions or need clarification on any of the above, please do not hesitate to ask.