Is this available in Photoshop Elements?
Not that I know of, but do you really want to turn over the crop decision to software? What part of a 4:3 ratio image do you want to crop to turn it into a 5:4 ratio? Or would you rather NOT crop and accept the white space? Are you willing to accept resampling? There are so many decisions involved in sizing an image for printing that I cannot imagine turning it over to a piece of software to make arbitrary decisions.
Just my opinion...feel free to ignore.