How do you access the content of the iPhoto bundle from Time Machine?
Open the iPhoto bundle before your enter Time Machine.

When you start Time Machine, the whole folder looks empty (plain white) - which is probably a bug that still needs a fix (I'm on 10.7.3).
You can get to show the contents by toggling the view options.


BTW: It's also possible to use Go to Folder... via ⌘+⇧+G in Time Machine. But this will not help you to enter the iPhoto bundle - whatever the reason is :(