I am not aware of anything called LR-Elements, maybe Photoshop Elements? Latest version of LR is 5. If you want to save a few bucks by going to a lower version, make sure that version has the raw support for you camera or if you shoot jpg only than it is ok. Remember, though, each version of this kind of software improved over the previous so I don't see a reason to go back to the older version just to save the few bucks. Also, you need to ask yourself why you want LR, instead of your current workflow.
