Can Premiere Elements handle more than 24hour of footage?

I'm trying to setup a video where there is 55 hours of footage in the timeline which I then want to time stretch down to about 5 minutes.

I have the following questions:

1) The application only appear to allow up to 24 hours of video clips to be added to the timeline. Can this limit be removed or increased in Elements? Is this limitation removed in Premiere Pro?

2) On testing time stretch with 22 hours of clips the lowest I can get the timeline to condense down to is 20 minutes. Is what I'm trying to do possible and if so is time stretch the correct method of achieving what I'm trying to do or is there a better method?

The above is being tested on the 30 day trial of Premiere Elements but if I can get it to work I intend to purchase the program.

Thanks in Advance

Dave