Can anyone tell me on how to properly setup a Throttle Position Sensor once I've installed it?

Although I don't know for sure, I would expect it is ready to go out of the box. Adjustments shouldn't be needed. If it doesn't meet specs, then it needs to be replaced. See page SF-33 of the 2003 Tacoma Manual linked to at the top of this forum:
http://www.deserted1.com/FSM/Repair_Manual/03tacoma/sf5vzfe/thrbodwo/ovi.pdf