Your disaster recovery plan should never include an upgrade at the same time. It's prudent to make the upgrade first and then plan your disaster recovery plan. Waiting for a recovery opportunity could spell trouble.
That being said, as long as you're using the latest service packs, TFS 2008 is fully supported on SQL Server 2008 now.
Buck Hodges is a definitive TFS guru. Here's what he says:
SQL 2008 SP1 has just been released,
and we've gotten a couple of questions
about whether it is supported with
with Team Foundation Server 2008. We
tested SQL 2008 SP1 with both the
original release of TFS 2008 and TFS
2008 SP1, and we do fully support
using it with either release of TFS
2008.
http://blogs.msdn.com/buckh/archive/2009/04/09/tfs-2008-supports-sql-2008-sp1.aspx