It could get quite involved as you may need a new 3D link plates as well, or at the very least new upper bearings and axles since the pivots at the top of the seat stays went to 12mm alloy bolts from 8mm sleeve bolts. The 2006 3D rocker plates had pn's 18156UAT and 181057UAT where the 2007's had pn's 181105 and 181106. These could be different for the Team version as they had 3" of rear travel instead of 4" for the standard version, but there's no other pn for the Team specifically.
The main pivot bearing bolts also went from the the 8mm sleeve bolt to a 12mm alloy bolt, but the diagram shows an insert in the frame, but it doesn't say what its outer diameter is. In the long run you might be better off selling the 2005 frame and buying a new frame with carbon seat stays
At least the 05/06/07/08 Team shock is the same oddly short length.
The carbon seat stay was actually stiffer, but not lighter, I think the guys at my LBS said it added either 50 or100gms over the aluminium seat stay, but the alloy bolts offset some of that.
2006 Element
2007 Element