Restore Mac and still use Time Machine like a flashdrive?

Hey all,

I recently realized my 250 GB mid-2010 Macbook was running slow, so I decided that I wanted to restore it. I have an AirPort time capsule with 2 TB memory to back it up to, and I heard that you could take files from your backup from a window, somewhat like a flashdrive. Would this work if I were to restore my Mac completely via booting into the Recovery HD and erasing the hardrive?

Thanks a lot guys!