Yeah, their is two methods that should work. 1. Create the /media/tc folder as owned as user, and then mount your tc folder as a sub-folder of /media/tc 2. Edit your sudoers, and add the truecrypt binary object as one that requires no password. (I probably should do this by default!)
Nokia-N900-51-1:/media# mkdir tc Nokia-N900-51-1:/media# exit ~ $ truecrypt /home/user/newtc /media/tc/ -m nokernelcrypto --non-interactive --password=test ~ $ ls /media/tc/ apt.xvcg test.doc