I'm with Al as to getting the most out of your Raw processor.
As to the Elements version of ACR, well as Al said the "advanced" tools of the full version in Photoshop and Lightroom have been left out -- I mean, hey, Elements is a cheap package, although it really does have some great tools it has "inherited" from its big brother!
As to your Raw processing, well the Elements version of ACR has the full functionality of the Basic tools, which means that cropping and then global adjustments for White Balance, Exposure, Contrast, Highlights Shadows, Whites, Blacks, and, I believe the tools for Clarity and Vibrance are there as well as the Saturation tool, oh, and does Elements have the Spot Removal tool?...when you think about it, there is a whole lot you can do with those tools, and ACR has become quite effective in developing those tools. So, unless and until you want to do something "selective", you can stick with ACR!
Now yes Lightroom does come up, and in fact it does have various "selective" tools that can come in handy, both in working selectively with colors as well as "tones", and so you can do more with your Raw processing before resorting to the image editor.
As to your workflow question about going to the Elements editor to "touch up" some things, well, my question there is what are you wanting to accomplish? If you can do everything in your Raw processor, then I'd stick with that, since you then can stick to the "original" Raw file and not get "version" files in your system (whether tiffs or psd files). But, of course, as soon as you want to do something "selective", whether it be working with the color/tone channels or, well, whatever, then sure jump in to the editor!
And then, you can also look at alternatives, Lightroom of course, but then the Canon software DPP does have some tools that I'd say are more advanced then the Elements Basic tool set, although the ACR tools are more effective in some things than DPP. You have to make the choice, one Raw processor for one (or all) image. But even then, a hand-off to the Elements editor is painless until you look at the resulting file, although with Elements because it ends up with an 8-bit tiff or psd, the files won't be as huge as they could be.