It is always a good practice to get the team together to discuss the initial steps of the project. It is in this phase where you can work out the requirements; decompose them into manageable tasks (usually one to three days long). Another key reason for a team meeting is to get everyone's feedback on the programmable elements. As key advocates in the process, each can contribute to the project and provide a sanity check on the structural, business, and implementation details.
Microsoft has released a Requirements Authoring Starter Kit that you can integrate with Team System. You can download the kit from microsoft.com/downloads/details.aspx?FamilyId=&display lang=en.