That shock isn't original of course, and not necessarily appropriate for a Team Only frame either. It originally had a Fox Alps-5R on it, and you might just find that a lightweight air shock would suit the frame's short-travel, race-oriented character a little better, depending of course on the style of riding you want to use the bike for.
I'm afraid I can't remember anything about Shock Therapy, but at a rough guess I'd say it was half as old as the frame and possibly intended more for freeride, although I know it has some very clever characteristics.
I think the Element first came out in 1996, and in some ways the most extraordinary thing about it is that it must be just about the longest-lasting design in mtb. Your frame is visually almost identical to my 2002, except mine is scandium but doesn't have such nice paint, any they're still very much the same shape now, frame, linkages, everything. And still as light as anything but carbon, and generally competitive against current short-travel designs. For a 13 year old design, that's quite an achievement. I think the 2010 Element Team will be made of carbon, so the shape may change a little, but still similar to yours.