If it is at all possible i would put the the TS and Exchange together, if you do that and you have the 30mb connction i am sure you will have 0 problems.
If you can't put them together you can enable cached mode and i am sure you will still be able to get away with it but the biggest risk you will be running is a secuity risk of all your email info going over that line (make sue you encypt), increase of bandwidth, and email will be a little bit slower too since it has to download everything over the line.