As long as the time code is reliable and your camera didn't drop frames, it should be as simple as laying them back to back and then syncing the audio. I normally recommend syncing to a point in the beginning and then checking if it still lines up at the end.
If not, a couple of factors could be in play. It could be that the timecode is just off from the recording speeds not matching exactly or it could be that a frame drop resulted in an issue. Clocks mismatched is fairly easy to deal with as you can simply apply a minor speed correction, but if a frame is dropped, you'll need to find where the audio went out of sync and correct manually.
The easiest way I've found to identify which is the problem is to adjust the speed and then check a few places in the middle. If they are all in sync, you probably guessed right, if not, then it must be a sudden change from a dropped frame.
As for making use of the long clip with the sync applied. I normally handle this kind of a thing by reusing the sequence as a source. It saves on having to output the full file and still lets you work with the clip as if it was a single file. I don't know for sure if Premiere Elements supports nested sequences though as I've been using Premiere Pro since long before there was a Premiere Elements.
