I backup Outlook 2011 every six months or so. How do I want to open one of the backups?

I tried opening Outlook with Option key held down, selected the backup I wanted, clicked the "Rebuild" button, and waited 45 minutes. Outlook then opened to my current identity, not to the backup I wanted. 

Now I'm trying TimeMachine, restoring /Documents/Microsoft User Data/Office 2011 Identities. It says it'll take another hour. Is there a faster way?