Hi folks, I solved the problem myself. I went into Time Machine to an earlier backup that I knew had a good copy of my iPhoto library. Instead of selecting ~>pictures>iPhoto Library, I selected ~>Pictures and clicked Restore. Time Machine then asked my for my password and after entering it, TM started to copy the entire Pictures folder into my Home folder. This took awhile as it was about 30gb, around half an hour but it completed the job and I have my photo collection back. Eureka!
I hope this may help someone else who has had trouble restoring their iPhoto Library.