I did some research for you, and what it comes down to is what you consider to be "safe." All of your files will be intact, but you will lose all history. The move command is essentially a rename command-- however, because you are going to a new team project, all you'll see for history is the changeset you checked in.
If you keep $\WrongProjectName
, but lock it down so that no-one can check-out / check-in files, you will at least maintain the history.
There is, unfortunately, no way to rename a TFS project, either. So that route would be out as well.
If I were making a recommendation, I would suggest that you do the move, but keep the original project in place. Then, if you turn on the feature that shows you deleted files, you should be able to see the history of the files in the incorrectly named team project.