Sorry, but there is no way to convert a Premiere Elements project final into a Final Cut project file.
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Welcome to the forum.
Unfortunately even PrPro cannot do a full Project export to FCP - yet. It's supposed to be implemented soon, and maybe the CS4.2 update will have it. When it does come out, one could Import the .PREL into CS4.2 (or whichever update does get the FCP export module), and then Export that to a FCP Project setting. Not a simple, freeware converter, by any stretch, but then it will be doable - if one has a friend on CS4.2.
However, you can come close. Edit in PrE and then Export the resulting movie. Import that into FCP for final tweaking.
I'd use .MOV (Animation CODEC) for SD material, and .MP4 (H.264) for HD material. That is about as close as one can come right now.
Great, thanks for your suggestions!