I get the same error and have almost the same issue.
I have clean installs of both TFS 2010 and SharePoint 2010. I can connect to TFS from a remote VS. I installed the TFS extensions on the SharePoint server and successfully connected it to the TFS server. I also made sure the TFSSERVICE account is both farm
admin and site collection admin. Also, I can open both the sharepoint web application and the central admin from my TFS server using IE with no problem.
But when I try to add the Sharepoint Web Application from the TFS admin console, I get the TF255329 error message. In my case, it refers to the web application, not the central admin.
I think I did everything right, but apparently I haven't. There's not much information around on this error message, so any help reagrding this is very much appreciated.
Thanks in advance!