I was saved today. After configuring users in Team System using three different interfaces, I thought there must be a better way since I could not believe that it could normal to add a user/group to TFS, then SQL Reporting Services, then in Windows SharePoint.
I came across this utility on gotdotnet.com TFS Adminstration Tool here. After reading the overview I was sold, imagine a single interface to manage all 3 tiers.
BTW - The workspace for the tool has been updated and a new version has been posted that works with the latest RC and will likely work with the final release of TFS.