This is something where party coordination and situation awareness are key. You should be working with your bard on timing when to use Paeon. This is pretty key because you don't want to run dry, but you also don't want your bard having to play Paeon more than necessary. Also, Ballad need to be used much in the same way with healers. It's just a big balance act that your entire party has to be aware and make efficient use of what they have available to them. My raid in particular was very Ballad happy in the first two Coils, but during Second Coil I had to make them start tightening up things because it was really hurting the bard DPS and he'd always be out of MP unable to play Paeon. Obviously not every fight goes according to plan so there are situations where dropping ToD will be a good idea until you can get your TP back in order.

Unless you are getting pretty high on SS a bard will usually blow through TP faster than a monk will with moderate to low SS. My bard usually has to play Paeon to keep himself going before I'm in dire need of it. I run a monk/ninja/bard/black mage DPS comp now so TP isn't near the issue it used to be, but we ran all of Second Coil without ninja, and we just really worked on communication on when to play as whole. We just look for the places where lost DPS will have the least impact. I rarely ever cut out ToD unless I died during the fight. Battle voice+Paeon is also something to consider if TP is an issue in your longer fights to help get people back up to reasonable levels as well.