I am not hundred percent sure what you are asking for. On one hand you talk about setup Eclipse locally on the other hand you talk about Team Foundation Server.
As far as I see, what you can do with Team Foundation Server is regulating access to the source code repositories (on the server). It controls whether you can copy code from this server to your machine (and if you push back changes onto the server etc.). It's not so much a feature of the IDE but rather one of the version control system.
So, how to realize this access control in your Eclipse projects depends on what version control system you use.
For Subversion/svn there are several ways. A good starting point could be
If you are not administrating your subversion server yourself but rather use trac or a similar software that also integrates wiki and issue tracking etc. (closer match to what Team Foundation Server might include) then you can probably configure the authorisation settings in its interface.
In case you are using another version control system, please adapt your question.