TIFF files can be 8 or 16 bit, but how does your camera shoot them? Probably only at 8 bit, so no advantage to shooting them over jpeg. TIFF is lossless but at the highest quality setting you shouldn't have any problem with jpeg. Jpegs are 8 bit files by definition. Set the white balance ahead of time and in a commercial setting this might be the best choice to use since it's effecient thru the workflow (assuming the files right out of the camera are problem free). If you haven't guessed, I'm not a fan of shooting TIFF files...
RAW, on the other hand, is a completely different animal. Probably uses slightly less space on the memory card than a TIFF file, it usually will be a 12 bit file (16 bit file but cameras only capture at 12 bit) which is exponentially more information than an 8 bit file. Also with RAW, you have the option of setting your white balance later among other advantages. The disadvantage is that it takes more time to do it (although 30 seconds in the RAW converter should be more than enough).