TFS certainly has much more potential than just as a source repository, but it's quite understandable why you would want to migrate source control first.
The migration utility of choice is generally VSSConverter.exe which allows you to map VSS paths to Team Project source control paths and is pretty well documented in this walkthrough here.
There's another tool (TFS Migration and Synchronization Toolkit) available over on CodePlex, but when I compared the two, I determined that VSSConverter has been more widely used and I think is generally accepted as being the tool of choice for VSS migrations.
It seems there are a few more answers on this thread here also.
Now, the question I think you are really asking is more about guidance on creating Team Projects and structuring?
This is a little harder to answer without knowing more about your specific circumstance. Patterns and Practices published a book on CodePlex called the TFS Guide which might help - it describes amongst many things, a suggested Team Project source control structure. It might help in giving you some guidance around how to migrate and/or remap your solution structure.
Regards to versioning and branching, check out this site here on branching guidance - it's not a bad overview of some common branching/release management techniques using TFS.
If you get through all that reading, you'll really be on top of most of the essential TFS groundwork!