It's certainly possible -- but it will take some work (and is probably too complicated to explain on a forum post).
You may be better off doing that sequence in iMovie and then exporting it as DV footage so that you can import it into a Premiere Elements project.
It's no crime, after all, to use more than one program at a time to create your movie masterpiece!
I create this by doing a Mask in Photoshop (could use Titler too), and then Keyframing the fixed Effect>Motion>Position to "reveal" and then "hide" my Text. Here is a look at a typical SD Mask in PNG format, to preserve the Transparency.
This is a 1000 x 480 image, but one could do up to 4000 x 480, depending on how much one will want "revealed" and how wide the Text is, before one begins "hiding" it on the other end. One could also do two different Masks, and animate them separate. One can also use the Effect>Blur>Gaussian Blur to soften the edges of the Mask.
Be sure to click on the graphic to see the effect, as the forum displays a black box.
This is placed on the Video Track above the Text Title.