What is your application? Photoshop was made for the designer, LR was made for the photographer. LR is an excellent catalogue based, non destructive software which today I could not live without for mass edits. It pretty much has everything you need under one roof. At times I will export an image to PS for advanced editing and after you save it it will open again in LR as a Tiff. There will be two images, the original and the tiff.
I too used DPP (for years) converted to Tiff and edited in PS which increased file storage. LR just remembers the edits and keeps them. I don't even save the exported Jpeg's anymore because if I need them I can just export them out of LR again.
You have elements so I'm not sure you can export into elements for advanced editing but you may not need to do that. I don't know what features PS have that elements does not which you'd miss. I hate LR's clone tool so for complex cloning I export to PS and that is probably one of the main reasons I export.
LR is a great tool but it lacks some things. You cannot run actions. I have several sharpening actions (I'm a sharpening geek) so for my hobby shots I use PS. For mass edits I use LR. You are a bit of a slave to LR's catalogue system. You have to be careful where you set up the catalogue and after import you must move folders/ files within LR. If you don't you will lose all the previous edits. It is not a big deal, you just have to be aware of it.
As for that sharpening thing. LR does a pretty good job. PS has the sharpening while you edit feature which I'm sure elements has. When finished with your edits you select export and a page opens which has all types of features. There is a sharpening dialogue box where you can select type of media - screen, gloss or matt paper and 3 levels of sharpening.
Like I said I have my own sharpening actions so I see the final product before saving using PS. Using LR you see the final product after you select save in the export page and then it is too late. If I don't like the sharpening using Photo shop I just go a step back. LR you have to export again. OK for 10 images but it just takes more time if you have 500. You can do some tests to see what works for you. I did that and now have presets in the export page for type of media, etc.
We have a local award winning photographer that works exclusively with LR. Best thing is to try the 30 day free trial and see for yourself. Just be very careful where you place your catalogue when you first open LR. Mine is on my external, back up hard drive. Take your time and don't rush through this.
I find LR very useful and 90% of all my photo processing needs are met by it - the only time I use PS is for photo stitching or some detailed skin work.
Happy to recommend