I think I have solved it myself.
// Set up default team sprint date and time
var teamConfig = _tfs.GetService<TeamSettingsConfigurationService>();
var css = _tfs.GetService<ICommonStructureService4>();
string rootNodePath = string.Format("\{0}\Iteration\Release 1\Sprint 1", _selectedTeamProject.Name);
var pathRoot = css.GetNodeFromPath(rootNodePath);
css.SetIterationDates(pathRoot.Uri, DateTime.Now.AddDays(-5), DateTime.Now.AddDays(7));
var configs = teamConfig.GetTeamConfigurationsForUser(new[] { _selectedTeamProject.Uri });
var team = configs.Where(c => c.TeamName == "Demo").FirstOrDefault();
var ts = team.TeamSettings;
ts.BacklogIterationPath = string.Format(@"{0}Release 1", _selectedTeamProject.Name);
ts.IterationPaths = new string[] { string.Format(@"{0}Release 1Sprint 1", _selectedTeamProject.Name), string.Format(@"{0}Release 1Sprint 2", _selectedTeamProject.Name) };
var tfv = new TeamFieldValue();
tfv.IncludeChildren = true;
tfv.Value = _selectedTeamProject.Name;
ts.TeamFieldValues = new []{tfv};
teamConfig.SetTeamSettings(team.TeamId, ts);
This sets up,
1. Iteration Start and Finish Date for an Iteration
2. Backlog Iteration Path for the team Demo
3. Sets up Iteration Paths for the team Demo
4. Sets up the default Area Path for the team Demo
HTH
Cheers, Tarun
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