I know just enough to be dangerous, so if I get something wrong, someone please chime in and correct me.
First of all, transfer via Firewire won’t work with a PC. You’ll have to go USB. Premiere Pro reads P2 files natively, that is, no transcoding. Does Elements also read natively? If so, treat your P2 files as you would any computer data. But I really suggest using P2 Viewer, software designed for getting footage off the camera and into the computer. It’s free and available for download from Panasonic. Not sure if it will transcode, which brings me to my last point.
If Elements does not read P2 natively, then you’ll need to transcode. Someone else will have to help you with that because I use PPro and don’t have to transcode.
Wahtever you do, DO NOT mess with the folder and file structure on the P2 cards. Do not delete anything, do not change any file’s or folder’s name. Doing so will render your data unusable.