I'm not familiar with working with Codeplex projects to be honest, but as long as you can access the TFS machine then you can install CCNet anywhere. We're running about a dozen VMs (and my own dev workstation as a test server), each with a CCNet instance all pointed at one remote TF Server, that is dedicated to running only TFS and is locked down by our IT team.
You just need to specify your TF Server details in the CCNet.config file, detailing the server URL, project path and the user/password to connect under (or these can be stored against the running CCNet Windows server). Cheers, Jay
