So what you "Restored" was the iPhoto app
and not the database with all the pictures?
Place to be is in your Pictures folder which is inside your Home folder.
That is the default location for the iPhoto Library while the default location for the iPhoto app is in the Applications folder.
With iPhoto shut down navigate to your Home > Picturers folder and locate the iPhoto Library.
Now go into launch Time Machine from the Dock. You will not that it opens at the Pictures folder as it is right now.
Move back in time until you are sure things were fine.
Select and Restore the library.
You will be asked if you want to Replace the existing library or keep both.