Glad you're liking TeamPulse. A goal for our Q3 release this year is to support TeamPulse-TFS sync. A currently existing TeamPulse project will be sync-able with an existing TFS project. But, it will be important to have both projects using the same Template as you suspected (CMMI, for example).
If you have any more questions, feel free to ask.
the Telerik team
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