What do you want to achive with that? The "Belongs_to" side is the record that has the foreign key, and there can be only one. So you can only have: has_one -> belongs_to, and has_many -> belongs_to.
And no, the current ORM doesn't support polymorphic relations, a release is hard-coded between two models.
If you can have multiple Model_Element_HTML per Model_Element, then it is a one-to-many relation, and the foreign key (the PK of Model_Element) should be in Model_Element_HTML.