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Both packages require Gen 6 Intel processor - I am running less; 2.93 gigahertz Intel Core i7 940, multicore -4. Is this requirement realistic and I have to resort back to my PSE 14, or can I get away with what I have?
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You may be able to get away with what you have, but some new features will probably not work. To find out for sure, I suggest you download a free trial and see if the features you need/want will work on your machine.
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I didn't notice that you also want Premiere Elements. That may be more problematic but you can also download a free trial of that program.