psquare11, thanks for responding so quickly. Much appreciated. I had already read your comment about restoring via Time Machine, but as I said, I'm not very computer-savvy. So, if you don't mind, a few questions:
1. What are "s/w components?
2. I'm on a Mac, have been for years, and have next to zero experience with PC's. "Right click" is alien to me (seriously). I tried Control-clicking on the iTunes folder, but I see no "restore" option.
3. Do I need to uninstall 11 before using the Time Machine restore function? If so, how do I do that?
4. Was I correct that I don't need the 10.7 dmg that I downloaded? If I do need to re-install 10.7 using the dmg, do I do that after uninstalling 11, but before the Time Machine restore?
This is what I meant when I said "I'm hoping somebody can thoroughly explain what I need to do" (as in step by step). If I left out anything important, please fill in the blanks for me. Also, I'm hoping that my iPod (not synced since I installed 11) will not be affected by all of this, but let me know if I should expect problems with that after restoring 10.7.
Again, thank you very much for your help.