Based on this post -
http://www.treasurenet.com/forums/tennessee/447809-talmadge-... - it sounds like it was around the present Foothills Mall.
I'd suggest that you do a historic map search for Talmadge on the USGS website. A lot of their older maps identify communities. The trick is to figure out the name of the quadrant in order to search for the map itself. You might try Binfield as a search option.