I found this article which describes how to insert a list item that has a field which is of type TaxonomyFieldType.
The article describes how the TaxonomyFieldType is a similar type to a lookup field, and it explains the format required for the field value.
The VAL and GUID I can find, what I can't find is the WSSID!
Firstly let me explain what this WSSID is. For each site collection using your term store, Sharepoint creates a hidden list. In this hidden list sharepoint stores information about the managed terms IN USE in the site collection. Its important to note that just creating the term does not mean an entry will be created in this hidden list, only when the term is assigned to an item or document, then a list entry gets created. The WSSID is the list item GUID in the hidden list.
So this creates a logical problem.
I have a populated term store. I want to create items in a list (using a script and object model), and 1 column is a term from my term store (a managed field / TaxonomyFieldType )
If the term was not used before, the WSSID does technically NOT exist, so how can I get this WSSID if the term was not assigned before?