You can execute the tf commands from your workstation against our server but please note that you will need to use the /collection option in most instances.
For example, if you were going to run the undo command, you would issue:
tf undo /collection:https://s01.tfshosted.com/tfs/Organization_ID /workspace:WORKSPACE;USER $/PATH
There are several other commands available that you can use. For a reference, use the MSDN link below that corresponds with your version of Visual Studio:
Visual Studio 2010: http://msdn.microsoft.com/en-us/library/z51z7zy0(v=VS.100).aspx
Visual Studio 2008: http://msdn.microsoft.com/en-us/library/z51z7zy0(v=vs.90).aspx
Visual Studio 2005: http://msdn.microsoft.com/en-us/library/z51z7zy0(v=vs.80).aspx
If you experience any access-related errors, the only workaround may be to store your TFS 2010 credentials in Windows. For steps on storing your credentials, please view the article below for detailed information:
How to save my sign-in credentials when connecting to the server through Visual Studio?
For any questions regarding Team Project Collection/Team Project level administration, you can post in TFS support forum for peer support.