You can configure Team Foundation Server to use an existing SMTP server to send e-mail alerts. Users can configure alerts for various projects, work item, and build event notifications. Although you can specify the SMTP server during Team Foundation Server installation, you might want to change the STMP server later. Similarly, if you to change the application pool service account by using the TFSAdminUtil Change Account command, you must manually change the sender account e-mail address to the new service account's e-mail address.

 Cheers ,
 Mahesh R 

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This blog clarifies that you can access Team Foundation Server project data through a web browser (Team System Web Access) to perform following features create, view, query and track work items, manage the build process and document libraries and no need to install visual studio client on each one machine.

Cheers ,
Mahesh R