You are allowed to use both event and element, as they aren't strictly reserved keywords.
I think it's generally frowned upon, though. For example, I believe "event" is defined as a global in browsers (on window, perhaps?), so you run the risk of shadowed variables and accidentally referring to the wrong thing.
I think it's generally frowned upon, though. For example, I believe "event" is defined as a global in browsers (on window, perhaps?), so you run the risk of shadowed variables and accidentally referring to the wrong thing.