I'll tell you what I did, but it's not guaranteed to work for you.
My late 2009 MacBook Air's logic board was destroyed. We figure, my cronies and me, that perhaps the CPU overheated per the reports here and knocked out other components before dying itself. Anyway, Apple replaced the board. Although others here say it was just a straight out replacement, I suspect it somehow kicked me into Lion-installed space, because the new logic board had never known Snow Leopard, only Lion.
What I did -- and it required a lot of work to fix up -- was log on using Safe command. I then used Disk Utility to wipe out Lion: effectively, a clean install from scratch. I then logged in again, this time with the Air's Leopard USB recovery stick (which was for Leopard 10.5). Next I reinstalled the Snow Leopard 10.6.8 upgrade.
I had used Time Machine whle the Air was Lionized (before the logic board blowout), so I couldn't directly reimport other files. Once Lionized, always Lionized, it seems. However, I did have a TM record of the comparable file structure and files on my MacBook Pro, which had never been contaminated with Lion. I used that TM and it worked pretty well. (The Pro to Air distinction apparently didn't matter.)
I had to pick and choose folders and files to install since the Air's SSD is so much smaller capacity than a Pro's HD. (iTunes was a huge memory hog. Gone.) You won't have that problem, but it's a good idea to have a data display system at hand anyway. It breeds confidence. Invest in DaisyDisk for $10 while it's on sale in the Apple Store in order to see how your work is coming along.
I can guarantee not all will go right at first, but do things deliberately, not rashly, keep originals, and you should make out -- if it's doable at all.
So, to summarize....
1. Do not use your TM under Lion. If you used it under Snow Leopard, keep it that way until you have reinstalled SL.
2. Obtain an SL disk if you haven't one already. You will need it if you do a wipe of Lion.
3. Be prepared for anomalies, permissions changed, some file structure alterations, things missing, etc. Lion does that.
4. DO NOT DO THIS IF YOUR MACHINE RESISTS. I've read that Lion-equipped devices cannot easily be reverted to Snow Leopard, if at all. I'm not a good test case, as my logic board replacement was Lion-like but not necessarily purebred Lion.
5. Have a Mac guru on hand, someone who's been there before for him- or herself or for a client. You have a $2,000+ machine in hand. It's worth investing a hundred or a couple hundred bucks to make sure that this is (a) doable and (b) desirable.
I'm happy for having had the experience. It was grueling, but I learned a whole lot about file structures, app dependencies, how to run the right scripts to put it all together, even figuring out how to share Apple Mail en toto on two machines and then synch 'em up. I guess I should thank Apple for Lion, for getting me there. Remember, get a guru! And good luck!