When creating a new TFS workitem is it possible to configure a different default Iteration value?

Question

Like many people we utilise the tree structure of each TFS project's Iteration field to organise the work items within that project. Typically we use it to track what iteration we are working in, so most of the time everyone creating a work item needs to put the same Iteration path value in new work items.

By default when you create a new work item (bug for example) this field is set to the root value of the defined tree. Given we have a tree structure in this field its fair to say that for 99% of WIs the default is never correct.

Is there a way to configure a TFS project to default the Iteration field to a specific value when creating a new work item?

Ideally this should be a per user setting, but a TFS project wide would still be better than nothing.