I think at the moment, the short answer is no! Off to check the documentation

”To continue with this installation or upgradeplease remove!”

.

From the documentation – we uninstall TFS 2010 bits, but not
the DB obviously and you do.

Use
Control Panel to completely uninstall the previous version of Team Foundation Server.
If SharePoint Products is running on a computer other than Team Foundation Server,
you have to uninstall the TFS Extensions for SharePoint from the SharePoint server,
too. If SharePoint Products is on the TFS application tier, don’t worry: We’ll automatically
uninstall the TFS Extensions for SharePoint while we remove the old version of TFS.

Run
the Team Foundation Server install from the product DVD and then use the Upgrade Configuration
wizard to upgrade your installation. But wait-if SharePoint Products is running on
a computer other than the computer running Team Foundation Server, you’ll first want
to install the new TFS Extensions for SharePoint on the SharePoint server. Similar
to the previous step, if SharePoint Products is on the TFS application tier, we’ll
automatically install the Extensions for SharePoint while we set up the new version
of TFS.


Blog Post by: Mick Badran