I don't like to see people struggling after the 10.7.2 update. I have been lucky with it. Here's what I did a week BEFORE the 10.7.2 update, which might help.
I dropped all my indexes using mdutil. I cannot remember how I dropped the index on the time machine backup and I don't want to experiment, but I think it was something like this... Oh yeah, I didn't disabling indexing, I dropped all my indexes. I am pretty sure I ran this command:
sudo mdutil -E -a
This means erase and rebuild all the indexes. So you'd have to do that while your Time Machine drive is mounted.
If I were you I'd then eject your time machine drive and turn off time machine backups.
Let Mac OS re-index your main drive, which you can monitor from the Spotlight menu. Once that is done, mount your time machine hard drive (backups still off) and keep an eye on the logs and/or your local network activity. Once you are sure it's done indexing (and it might take more than a day depending on your network speed or how your drive is connected), then try a single backup, manually and see how well that runs. If it run's OK try another one an hour or two later. If that runs OK, try turning them back on again.
Another approach is to erase your existing backups and start over. That used to really really bother me, but don't ask me why. I don't like to do that because it's slow but I really don't care what my hard drive looked like 6 months ago.
I wish I could confirm these steps for you. I might upgrade my wife to Lion today or tomorrow. If she has trouble I will fix it in a similar fashion.