Ok so minor progress.
Now I can right-click Time Machine icon in the dock and when browsing Time Machine on another disk I can see my backups, but it won't let me restore... This is a bit temperamental aswell, I'm beginning to fear the external Hard Drive might be at fault. Which would be a nightmare.
Tried phoning Applecare, but got to a useless plank at an Indian call-centre who's only help was "Is it plugged in" before disappearing for 10 minutes to find a senior agent or something. Pathetic.
Anywho, I shall continue in the morning... Any help is appreciated..