How to change the local path after download file from TFS source control
File -> Source Control -> Workspaces -> Choose the workspace in question and click “Edit”.

You can also use the dropdown in Source Control Explorer, or ‘tf workspace’ at a command line within the old path.
From:http://social.msdn.microsoft.com/Forums/en-US/tfsversioncontrol/thread/d0c6982f-4f5e-4b1c-830b-3af9fb127922

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