Can I Restore A Deleted iTunes playlist via Time Machine?

I haven't tried it myself, but I think this is the procedure. Anyone chime in if I'm wrong.

In a Finder window go to this folder:

Home / Music / iTunes

Now launch the Time Machine "time travel" interface. Navigate back to a date you know the music/playlist existed.
Highlight the iTunes Music Library.xml file.
Go to the "Gear" button in the tool bar and select "Restore to..."
In the dialogue box navigate to:

Home / Music / iTunes

... and click "Choose".

Cancel out of Time Machine.

Now launch iTunes. Is the play list with the correct music there? If not then you made need to do the next step. Quit iTunes.

Before launching iTunes you need to hold down the Option key and then launch iTunes. It will then ask you which library you would like to use. Select your iTunes Music Folder and it will import it. Basically it's rewriting this xml file. This may take awhile depending on how much music you have.

Hope this helps