Nope, there doesn't seem to be a single column marquee tool in PSE. But what I have done to create striped paper is use the rectangular marquee (like Jodi said) but I use it with the grid visible and snap to grid on. Look under the view menu and you should see both of this options. I come from a engineer background and I want to know that all my stripes are a certain size.

You should see how anal I am while doing my ABC LOs to make sure that all my little pictures are
exactly 1 1/2" x 1 1/2" inches. I'm having a hard time letting go of precision.
HTH!