I have both CS2 and Acrobat Pro 7 John, (I need them for what I do...), and you describe Acrobat's functions to a 'T'
Photoshop and Illustrator will give you the option to import certain pages, or indeed, all of it.

I would imagine that an ABC generated PDF file would not have too many layers as some PDF's do, so I would imagine Elements (as is the case in PS) should be able to manage it, alright...

B.