There is no preset for this format of video in Premiere Elements. In fact, it's not really a good fit for Premiere Elements.
Bill Hunt does have some suggestions for working with this footage, however, in his Tips & Tricks.
Yes, thank you Steve, I did see that discussion. Within that thread,Goproski found a way to create a new presets file using an one of the exisiting presets. He created a 1280 x 960 preset. He even gave the directory location of the presets files. I have a Mac, and I'm unable to find those same (or similar) files.
I did run the original footage through Cineform and then try to edit in PE10. This was much better than trying to edit the orginal GoPro footage, but still very 'jittery'.