Hi Aneez,
I might not correctly understand your question, so the below might be not what you was asking, but anyway:
-- I think that you should go through TestComplete help topics that describe TestItems concept and how tests can be organized with the use of TestItems;
-- You can create two top-level TestItems groups in TestComplete project, name them, for example, 'Acceptance Tests' and 'Smoke Tests' and add relevant tests as their children in order to get test sets that you need. Note, that the same test can be linked to different TestItems, so this does not require you to duplicate the tests itself.
-- Alternatively, you can create two different TestComplete projects, one for acceptance tests and another one for smoke tests, add the relevant script units as existing ones to these projects (see help for how to do this), create relevant TestItems in each project and link tests to TestItems. Again, the above actions do not require test code duplication, as all script units are added to the projects as already existing ones.
-- Considering that the acceptance test you presented as a sample is a set of manual actions, i.e. a manual test, it should be quite easy to create the same Manual Tests in TestComplete project(s) and execute these Manual Tests instead of Visual Studio ones. Note, that the latest versions of TestComplete make it possible to replace the steps of Manual Test with the automation code. This gives you an opportunity to automate the test not in whole, but step after step. For example, it is possible to leave initial steps of the test as a manual ones if the start of the tested application can be difficult to automate (e.g. application on start may or may not ask for a license, the path to some database with connection parameters, look for the smartcard inserted into reader, etc.) and leave it to the tester to put the application into required initial state. Then, upon pressing the Next button on the Manual Test form, the automated test will be executed that will do some complex or lengthy actions automatically (for example, create 1000 orders, post them and generate required stock and bookkeeping documents). Then, again, some verification action might be done manually (e.g. check printed documents) by the tester. Later, when you are done with automation of the main functionality, you can proceed with, for example, automation of application's launch and, when done, replace relevant manual steps in Manual Tests with automation code.
-- Results of TestComplete tests should be reported and accessible from within Visual Studio and thus be available in reports generated by TFS.
