Elements comes with ACR (Adobe Camera RAW) which is what the image editing part of Lightroom is.
When Adobe designed Lightroom, it's main intent was to provide photographers a full featured database managing tool that also had an somewhat expanded version of ACR so basic image editing functions could be performed before the image was moved to Photoshop to be finished.
The version of ACR that you get with Elements will be missing some of the features you have been using in Lightroom, but it will be familiar none the less.
You weren't utilizing Lightroom's main feature, the database management, anyway so........
With Elements you gain layers and text but it will be difficult to edit non-destructively.
You may want to also consider a version of Corel's Paint Shop Pro, which for the price of Elements is very similar to the Photoshop CS4.