The only TFO rod I ever owned was a 10' 5wt Teeny (a rare 5pc one). It was a pretty heavy rod. I bought it to Euro-nymph with, but it was just too much weight to hold up for long.
If I had to describe the action, I'd say it felt like an 8wt butt section with a 6wt tip. It's a really powerful rod, and it turned out to be a good steelhead rod - you could really cross their eyeballs with that monster of a rod. It was easy to toss the entire fly line with it, and long distance casting was where it really excelled. Did a nice job with streamers and sinking lines, too.
Swinging wets? I don't think so (unless you're talking big wets for steelhead). Your wading staff would have a softer action.