TL;DR; Guide to integrating Team Foundation Server with SharePoint 3.0 by creating project portals as child sites, including setup steps, permissions, and troubleshooting tips.

Well, I spoke to Brian Keller about Connecting TFS to a SharePoint 3.0 sub site … His answer? Try it and see. So I did.
I updated the dev server with the details I provided in my previous post and Manually created Sites under that http://server:888/Projects site with the same name as the project. I tested this by both clicking “Show Project Portal” and creating a new document library in a project. These two features worked a treat.
This allows us to seamlessly integrate TFS with our intranet, and have a decent project portal for things like TFS Global reports and links to TeamPlain among other things.
The real test will come once I get my hands on the Hotfix detailed in KB article #932544 (watch out for the gotcha ) and I can try creating projects on the new server and in the new location. If this does not work, I will probably have the projects created in WSS 2.0 and manually create projects in WSS 3.0. This will be a minor inconvenience as only two people have permission to create projects.
Hopefully it will work…
Something to check will be the permissions that are setup! I have the parent site setup to inherit from the root, that gives permission to anyone in our company.
If you've made it this far, it's worth connecting with our principal consultant and coach, Martin Hinshelwood, for a 30-minute 'ask me anything' call.
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