You may encounter the problem again.
There are a number of known reports of Time Machine causing periodic Kernel panics on some Macs. My wife's MacBook Air had this issue, and the fix above got it running again, but they'd eventually re-occur during backups. Becuase the panic doesn't occur on most backups, and the geniuses couldn't reproduce it, they advised her to disable time machine's auto-backups and run it manually every week or two.
Oddly, my machine backs up to the same time machine without incident, but hers continued to have it from time to time even after they replaced her entire motherboard and hard drive (for seemingly unrelated reasons).