It helps in any version of PS - I said Elements because the channel mixer is not available with elements so it is a way of getting around that. If you use the channel mixer method on an adj layer and change the blend to color you will get a better result too, especially if you are using the presets for different types of film. Unfortunately doesn't work with PSP - sorry Carlos.

And every one said, 'If we only live,
We too will go to sea in a Sieve,---
To the hills of the Chankly Bore!'
Far and few, far and few, Are the lands where the Jumblies live;
Their heads are green, and their hands are blue, And they went to sea in a Sieve.

Edward Lear
http://www.nonsenselit.org/Lear/ns/jumblies.html