When you go to import the photo, you will actually have to browse the folders manually on your TM HD as opposed to retrieving it through TM. You will have to do this because, AFAIK, you can not show the contents of packages through TM. You can do it however through Finder sans TM.
For me, if I wanted to get a picture from a specific date, I would open my TM HD in Finder, go to the "Backups.backupdb" folder > <name of Mac> > <folder with date> > navigate to iPhoto library (~/Pictures/) > right click and choose "Show Package Contents" > Originals (or modified if the picture you want was modified) > traverse folder to the one you want.
It's a PITA but it's the only way I know of doing this.