After some extensive testing, I have found that Team Recharge Delay has NO effect on the cooldown of your action skill. Instead, it IS in fact referring to Shield Recharge Delay, which is the time between taking damage and when your shields begin to recharge.
Using a -16% team recharge delay COM, I equipped a standard shield with a recharge rate of 9. WITH the COM: Shields began recharging in 6.3 seconds W/O the COM: Shields began recharging in 7.5 seconds
Thus there was a 1.2 second difference (which is 16% of the original 7.5 second delay)