Officially, no.
Unofficially, there might be a way depending on the version of Elements, using "Hidden Power" tools from author Richard Lynch (who also writes books under the same name).
I appreciate why you ask this question, however it is probably best to convert the 4C image to RGB (sRGB or Adobe RGB) and re-separate the image back to CMYK after the illustrator has done their retouching in RGB, where they don't have to be concerned with 4C issues such as total ink limits.
Stephen Marsh