How bad is my carpal tunnel if when my hand goes to sleep I get an itchy spot on my palm right below my first and middle fingers & hurts in my elbow?

Moderately severe. If your hand goes to sleep routinely and you have pain, then your carpal tunnel or repetitive strain injury is moderate to severe.
If weakness = bad. Carpal tunnel syndrome can display a number of different symptoms including the ones you have described. It is "bad" in a prognostic sense if the symptoms include weakness of the muscles to the fingers and thumb of the affected hand. The more and longer you have weakness of the hand the less likely surgery is able to relieve the weakness. Pain is pain if frequent and worsening you do the math ;).