I'm no expert on Time Machine, you could try the TM forum here
http://discussions.apple.com/forum.jspa?forumID=1342
Alternative ways to move your Library:
Link the two Macs together: there are several ways to do this: Wireless Network,
Firewire Target Disk Mode, Ethernet, or even just copy the Library to an external HD and then on to the new machine...
But however you do choose to link the two machines...
Simply copy the iPhoto Library from the Pictures Folder on the old Machine to the Pictures Folder on the new Machine.
Then launch iPhoto. That's it.
This moves photos, events, albums, books, keywords, slideshows and everything else.
Regards
TD