I can't say if you can run migration directly but hope you can. If not, it's still not that bad so don't be overly worried :-)
Worst case, you will have to use something like Disk Utility to restore one of the Time Machine snapshot folders to a volume (like an external drive) where it will look close enough like a bootable external drive.
From there you should have no issues using the Migration Assistant to migrate that old data (either directly from the Time Machine folder - or copied onto a hard drive) just like the migration assistant supports to migrate from an external drive.
In the past, I have been able to use Disk Utility to make a DMG file from a Time Machine folder and use Migration Assistant on 10.6 to migrate that data - but I haven't really tested it with Lion yet.
You will be able to do it with some time and spare cheap USB hard drive (or perhaps enough drive space for a whole image copy of one snapshot in time) - it's just a matter of how many steps and disk space are needed.