Allow a version control tree to be moved under a newly created project
Source tree's once defined can be quite static in structure, however process (and process template) may change dramatically. It would be nice when creating a new project to have it use an existing tree without having to branch.
Matthew Mitrik commented
While this isn't something we have planned for TFS11, we are thinking about how the relationship of team projects to your source control tree might be improved in a future release. This is still in early stages, but we're tracking this.
Program Manager | TFS Version Control