Don't use it (the GPS management

) in the first instance. It's there to allow sharing of a GPS connection between more than one simultaneous application. Settings should be NONE NONE and don't allow management. This will allow you to concentrate on getting TomTom going.
Have you tried the non-TomTom serial setting in TomTom? (I forget the exact phrase it uses but I seem to recall it is something like Other NMEA Device. This should let you manually select the serial port - use COM1: 4800 baud/bps NMEA.
Make sure no other application is using it - ActiveSync can be a culprit here. Close all other apps before starting TomTom - a soft reset wouldn't harm!
Good luck