there is more to safe towing than brakes and springs. You want some heft to your tow vehicle so the trailer isn't the one running the show. I have not towed in a FWD element (never been THAT daft) but have towed with a 4cyl 4wd suzuki vitara, and even within the factory rating (1500 lbs as well, iirc) it was somewhat scary. Brakes were lacking, rear suspension was overloaded even with "rated" tongue weight, and trailer (no brakes on trailer) would push down hills. It wasn't pleasant. The same trailer on my nissan pathfinder was just fine.
The main contributions to factory tow ratings are frame strength, factory tire capacity, factory spring rates, transmission longevity, and cooling capacity. If you were to hook up a scangauge to your element and monitor your transmission, oil, and water temps while towing, you would probably be amazing at how high they are compared to driving without them. Its going to dramaticaly shorten the lift of that little box.
And, of course thinking like an attorney, you have to think to yourself, "what if I couldn't stop or blew a tire and hit someone, and I was towing double the factory tow rating?" Thats probably going to be considered negligence.
What I consider "safe" to tow isn't "well I got the hitch on it and successfully got it out of my driveway. I consider safe to tow if you would feel comfortable on the interstate, on a country road, through the rain, or getting a flat tire on the trailer or the tow vehicle...
The element just fails every test.
Besides, if you tow on a dolly or flat tow and you damage your MR2 at the event, you still wont' be able to get it home.
I'd agree with whats been said, better to spend $1200 on a used F150 or E150 that will tow your 2500 lb car on a 1000 lb trailer without batting an eye... also give you a much better place to sleep, store equipment in, and etc than an element!