A very Basic Process Template to start with
If you want to start small with your team project you might consider the "Basic Process Template" instead of the built-in MSF Agile and MSF CMMI process templates. It can find on MSDN. From the description:
The basic process template includes:
- one work item type: bug,
- three queries: AllWorkItems, MyWorkItems, and MyWorkItemsAllTeamProjects,
- a basic Windows SharePoint Services team portal (created from the default site template),
- and a SQL Server 2005 Reporting Services site that has the following reports on it: Builds, Bug Rates, Quality Indicators, Tests Failing Without Active Bugs and Load Test Summary.
Use this process template as a basic starting point and an alternative to the MSF for Agile Software Development or the MSF for CMMI Process Improvement templates.
Step 1: Upload the process template to your TFS

Step 2: Create a new team project (using the new process template)
Step 3: Discover what's been created
Link: http://msdn.microsoft.com/en-us/library/ms194993(VS.80).aspx