Chris, firstly, welcome to RetouchPRO
Others here know far more than I, but there is no way you can do some of the stuff in Painter with Photoshop, and visa versa (you've already answered yourself

)
In my opinion, and from what I've tried (and seen) to get the best out of Painter you need a fair bit of artistic flare, (and I don't) plus a Wacom! but Painter has much less powerful tools for manipulation of images. The two programs compliment each other well though.
There is a way to "try before you buy" go to the Corel site and download the trial version of Painter, and buy yourself a cheap Wacom tablet, you won't regret it, and use them in conjunction with your Photoshop Elements program, that way you'll not waste you hard earned pennies.
Enjoy.....John