I've never used Elements - are you able to use brushes as you can in PS proper?   If so, I'd recommend some scratch brushes to rough up the cover a little, and some photo filters to play with the color a little to give it that 'vintage' look.

The pulp look incorporate contrasting colors and block lettering.  Maybe a black frame with a bright red font.  As mentioned above, a GIS for pulp covers will give you an idea of what to look for.  I see you've frayed the edges a bit in your picture.  You may want to soften your right corners to make them look like worn corners of an actual book cover.

These are just a few thoughts to get you started.  If you have any other questions, just let me know.

• Jason

You friendly neighborhood Marketing Manager here at Renderosity.

www.renderosity.com