I don't have Elements but, I am pretty sure that you cannot make layer styles within it.

You need to have Photoshop installed to create your layer style then copy it to your Elements style folder.

Funnily enough I made a promo for Castro recently where I used a layer style for the full background.

Also,  made a tutorial a few years back now...but, I cannot find it. I am pretty sure it went to the Adobe site forum????

I will take another look tonight...on another machine, lol