MySQL Point in Time Recovery For Just a Single Schema? Is it possible to simply restore a single schema and bring it to a point in time (Say three hours ago) without bringing the entire database back?

I can think of a lengthy method of backing up each schema individually at present time, bringing the database back three hours and restoring all other schemas (except for the one you want to roll back) back to present time. 

Is there any other method? Or am I not understanding binary logs correctly?
You can extract the SQL from a specific schema with the
Use mysqlbinlog utility against all binary logs that have the data and time ranges. You will have to name the database you are extracting:

start-datetime
stop-datetime
database (-d)

For example, suppose you have the following scenario

You have these binary logs
mysql-bin.000019
mysql-bin.000020
mysql-bin.000021
mysql-bin.000022
Binary Logs span from 2013-01-30 09:30:00 to 2013-02-04 12:00:00
You have a full backup from 2013-02-03 00:00:00 (mysqldata-20130203.sql)
You want to restore MyProdDB from 02/03/13 at 2:45 PM 2013-02-03 14:45:00

#STEP 01) Get all DB Changes from the Binary Logs
DB=MyProdDB
BEG_DT=&quot;2013-02-03 00:00:00&quot;
END_DT=&quot;2013-02-03 14:45:00&quot;
BINLOGS=&quot;mysql-bin.000019 mysql-bin.000020 mysql-bin.000021 mysql-bin.000022&quot;
mysqlbinlog -d ${DB} --start-datetime=&quot;${BEG_DT}&quot; --stop-datetime=&quot;${END_DT}&quot; ${BINLOGS} &gt; mysqldata-delta.sql

#STEP 02) Load Data into Staging Database called MyProdDBStaging
mysql -u... -p... -DMyProdDBStaging &lt; mysqldata-20130203.sql

#STEP 03) Load Delta into Staging Database called MyProdDBStaging
mysql -u... -p... -DMyProdDBStaging &lt; mysqldata-delta.sql

Now, the target database will be the point and time instance for MyProdDB at 2:45 PM on Feb 3, 2013.
Give it a Try !!!