Oh my heaven, yes there's an easier way! Here are some tutorials that should help:
Titles Revisited - Alphas plus Fonts
Becoming an ALPHA Female
Alphas Revisited
My usual workflow is to create a new project and size it so it's a bit bigger than I expect the title to be. Then I drag-and-drop the alpha letters onto the canvas, making sure they're in the correct order. Then, depending on what I think my title should look like, I might activate all the layers (click on the first letter layer, hold down the SHIFT key and click on the last letter layer) then Align the bottoms or resize them all at once. Then I start moving them, because Elements puts them all in a pile in the middle of the canvas. I move the last letter over until I can see all of the letter just before it. Then I pick it up too by holding down the CTRL/CMD key and clicking on that letter's layer. Now I can move both letters over until I see the 3rd letter from the end, lather, rinse and repeat. Once I've got all the letters separated and lined up, I can decide what to do next. When I'm happy with the title, I add shadows to each individual letter (especially important if they're overlapping a bit) then merge them together. Now the title can be moved onto the layout in one piece, positioned and resized as needed.
Unfortunately there isn't an easy way to clip papers to 3D alphas; it's easier to use a font, clip the paper to the letters then add a bevel to give the 3D look. Recolouring isn't hard. There are a tutorial for that too.
Kustomize Your Kits
If I can be helpful for anything else, you can send me a Private Message any time. I usually check the Forum for this kind of question, but have been a bit preoccupied with the wildfire almost on my doorstep the last 10 days or so. We're safe and won't be evacuated, thankfully, so I can get back into my groove now.