You probably know this, but let me just re-iterate one important result. Given a topological space X, and an equivalence relation ~ on X we can construct the quotient space X/~. This quotient space posses the property:
- Let g : X \to Y be a continuous function with the property that g(x)=g(y) if x~y. Then there exists a unique continuous function g' : (X/\sim) \to Y such that g' \circ p = g where p : X \to X/\sim is the projection map.
This property is the key to constructing the inverse. As you say it's kind of hard since you somehow have to invert the projection and then show that in the end we end up with a well-defined function. With this property this is taken care of automatically.
Let ~ be the antipodal equivalence relation. Now basically what you do is that you construct the inverse map you want, but for a moment ignore that we are working in RP^1 and instead consider working in S^1. So you define \tau : S^1 \to S^1 by
\tau(\cos(\pi t) + i \sin(\pi t)) = \cos(2\pi t) + i\sin(2\pi t)
You can now show that if x~y, then \tau(x)=\tau(y) (HINT: x~y iff x and y differ by a multiple of pi, which in turns becomes a multiple of 2pi, which disappears).
Thus by the previous result we get an induced map \tau' : (S^1/\sim) \to S^1 and since (S^1/\sim) = RP^1 you can check that \tau' is the correct inverse.