When you said:
The actual solutions themselves and the projects they hold build correctly
do you mean that they build correctly within the IDE, or that you can go to those solution directories on the command line and run 'msbuild foo.proj' or 'msbuild bar.sln'?
Anyway, things I would try are first narrow down the offending solution/project, by telling TFS not to build in parallel, turn off multi-CPU support (e.g. '-maxcpucount:1'), do a binary search by trimming away solutions/projects. Once you get to the offending set, build with the '-v:diag' parameter to get even more details about the state of the MSBuild engine.
Alternately, you can write a small C# app that invokes the MSBuild engine directly and debug that application by catching first chance exceptions and having Reflector handy. See sample code in MSBuild Engine Class.