Cloning from a git repository is ten times faster than cloning directly from TFVS and works well in a team environment. At least one team member will have to create the bare git repository by doing the regular git-tfs clone first. Then the new repository can be bootstrapped to work with TFVS.
$ git clone x:/fileshare/git/My.Project.Name.git
$ cd My.Project.Name
$ git tfs bootstrap
$ git tfs pull