I see no reason in your code to delay execution of show_elements. You can just change that sub to return a list of stuff, instead of having it output HTML items directly (which is the whole point of using templates in the fist place):
sub show_elements ($)
{
my $num = $_[0];
return [] unless( $num > 0 );
return [ 1..$num ];
}
...
my $data = {
show_elements => show_elements( $elements ),
};
then in the template:
<ul>
{# FOREACH e = show_elements #}
<li>{# e #}</li>
{# END #}
</ul>
If you really need to delay the sub call, have a look at the TT docs which explain it quite adequately.