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I've moved your question from the version 7 FAQ area. As noted in the FAQs, we are asking that you please don't post technical questions to the FAQ.
With regards to the time/date feature you asked about, Premiere Elements does not include this function.
There is a 3rd party program, DVDate, that might be able to extract that data and display it.
Both PrPro and AfterEffects can add the runtime counter, but that is not quite the same as the date/time stamp.
As for multiple Source Monitors for multi-cam Projects, PrPro has that feature. The display on multiple "physical" monitors depends on one's video card, and also on video feeds via FireWire to a TV, but the feed to a TV will be only the Program Monitor Panel, not the multiple Source Monitors.
There are probably more people, who want to find a way to remove date/time stamps, that have been turned on in the camera. Nowadays, it's not quite like the old character-generator data, that appeared on many VHS camcorders, and also still cameras.
Good luck, and depending on your camera's metadata, DVDate might do part of what you want.