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Try installing this update, it is for Premiere Pro but works with PE7. It will install a new group of project presets for Canon 24fps progressive media. It is not specific for Canon and should work with any 24fps high definition progressive video.
If you have trouble installing here is the path to where the "Canon Progressive HDV.xml" file should go
C:\Program Files\Adobe\Adobe Premiere Elements 7.0\Plug-ins\en_US\Editing Modes
and copy the "Canon HDV" folder here
C:\Program Files\Adobe\Adobe Premiere Elements 7.0\settings\en_US
That's a huge help. I guess you would need another program to export a 24P Blu Ray however?
As you say, PE7 will not burn a 24p Blu-ray DVD.
I had been wondering the same thing, and I thankfully found this solution. Unfortunately, it doesn't seem to work for me. I followed all of the instructions, but when I try it out, it crashes and says its usual Adobe Premiere Elements has stopped working.
Anything on trying to fix it?