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You can't isolate an object and have Premiere Elements automatically follow it, unless a third party has developed a plug-in that will do that.
What you can do is export the frames (File > Export > Movie > Settings > [to any of the still image formats]) from Premiere Elements and edit the frames in Photoshop. Premiere Elements also supports the .FLM format which you can load into Photoshop. I think the latest version of Photoshop allows you to edit the individual frames of video files of certain types, but I don't have that version of Photoshop to check it out.
Do you have the Wax plug-in from http://www.debugmode.com ?
There is a Rotomate video effect that might make the job of rotoscoping easier. What you can do with it is create complicated masks that you can transform over time. On the timeline in PRE you would have the same clip on parallel tracks. Apply the B&W effect to the video on track 1, while the Wax plug-in is applied to the same video on track 2. That would make the color show through the masks.
Thanks for the info.