Roy,
Completed the reinstall from time machine last night. Worked perfect! Just as you described.
A few notes for others dealing with this issue:
1. If you follow Roy's instructions above, you will see a selection menu that allows you to choose a particular date/time from your time machine backups. As a super handy guide, it even denotes which Mac OS was in use during that particular backup. For those of you moving from Lion back to Snow Leopard (I hesitate to call it "going back"), this is helpful and allows you to select the very last backup made under Snow Leopard.
2. While Time Machine does most of the work there are a couple of things to keep in mind that may help with your future backup management plans:
a. With two experiences with Time Machine and Aperture, I can say that while Time Machine does back up your Aperture Library, it is not perfect. All of your photos are there, but key photos may be messed up, etc. So after Time Machine did its deal, I restored from an Aperture Vault. This put everything back to where it was supposed to be. As a bonus, you cannot use any time machine backups from Lion to restore Snow Leopard, this means that you lose any photos/adjustments/etc. that have been made between in aperture after the installation of Lion. HOWEVER....you can create a vault in Lion that will restore in Snow Leopard. If you have any referenced files (I have some that are referenced to the iPhoto Library I used prior to upgradig to Aperture), you may have to use the locate referenced files feature. Not a big deal and it took me under 15 minutes.
b. For iTunes/iMovie etc. I found that it was helpful to have, in addtion to TM and Aperture Vault, a carbon copy of my iMac. See the Carbon Copy Cloner Link above. It is free. Works great. Send them a donation for good karma if it ends up being as helpful to use as it was to me. I simply opened the carbon copy, went to iMovie events, and iTunes music folder, searched by date, and dragged and dropped the files that were added after my last Snow Leopard time machine backup.
Hope this is somewhat helpful to folks who find themselves in the same situation as myself. A big thanks to everyone who responded to my questions and for the intial posts on this issue.
Until Apple gets its act together and releases an OS worthy of the Apple name, I'll be sticking with SL and am glad that it was relatively painless to go back, er, forward, whatever...