Yes, you can set up keyframed animations in Premiere Elements, just as you can in Premiere CS4. Just right-click on a clip on your timeline, select Show Properties and open the keyframe workspace, as a show you in my books and in my free PDF article "Basic Keyframing" on Premiere Elements support site Muvipix.com.
The PC version of the program includes a number of Chroma Key effects, including Green Screen and Blue Screen. However, the Mac version includes only Videomerge, a semi-automatic Chroma Key tool. Are you on a Mac or a PC?
The Media Encoder is included only with Pro versions of the software, not Elements. However, you can output dozens of formats from Premiere Elements. All you need to do is decide where you ultimately plan to display your video.
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Welcome to the forum.
Steve does a great job of covering Keyframing Effects in his series. In the cases mentioned, the Keyframing is on some of the Fixed Effects, such as Motion>Scale, Motion>Position and Rotation. The operations are the same, as with PrPro, though the initial access to those Effects is slightly different, than in PrPro. In PrE, one would Select one of the Clips in the Timeline, and then from the Effects Tab, choose Edit Effects. In PrPro, one would Select the Clip, and just open the Effects Control Panel (in the default Workspace, it will be nested with the Source Monitor and the Audio Mixer Panel, in a nested Pane, where with PrE, there is that one extra step - Edit Effect. Much of the power of the Effects Control Panel in PrPro will be there in Edit Effects in PrE.
Good luck, and I think that Steve's Keyframing series will get you started. From that point, things will be very, very similar.