Okay so I think I successfully went back to Lion from Mountain Lion, but I'm not sure if I did it correctly. Can someone please verify if I did it correctly:

I had a HD.sparseimage back up file from Carbon Copy Cloner with my previous Lion install and it was sitting on my external drive.

Here is what I did:
- restart the computer and held "option" key
- clicked to start it from my external drive
- disk utility popped up and in the menu I found and clicked "import image"
- imported the "HD.sparseimage" back up file
- I then clicked the "Recover" tab and dragged the "HD.sparseimage" file onto the "Source" field and dragged my "Macintosh HD" to the "Destination" field
- then clicked "revert" or "recover" (something like that)
- then the whole time it said "Copying blocks - 4 hours remaining"

Then I restarted the computer and it is now back to Lion (from Mountain Lion)...

Did I do the revert correctly? I'm not sure why it took so long!!?? (4 hours)

P.s. now that I'm back to Lion my computer is much "snappier" and everything is much quicker