using the method just described also does not allow you to have tonal control.
in not sure about elements because i use photoshop cs
but you could try this.
1. add a hue saturation layer and change its blending mode to color
2. add a hue saturation layer and with saturation set to -100. normal blending mode
3. adjust the hue of the first layer to achieve the tones you want.
4. emphasize these tones by adding a levels layer above all these layers and work on the desired contrast...
1. add a chanel mixer layer. work on the red greeen and blue chanels in percentages to get the tones you want.
2. add levels layer like step 4 from method A
alhtough elements is watered down version of the original version of photoshop, i believe it has these functions... so try them...