Also I want to put a simple outline round some text but there is no option for this. Can you do this in the full £500 version?
Yes, when you create some text on a layer you can assign all sorts of options to it, including outline in any width and colour.
There is a way in elements to access hidden tools. I don't know if they include what you want - http://graphicssoft.about.com/od/pselementsaddons/Addons_and_Tools_for_Photoshop_Elements.htm