Yes, that is tight, so if there is a queue when you get to the Schengen border keep an eye out for someone shouting out flights about to depart. Depending on your arrival time and the time other large aircraft arrive, and a heap of other factors, you may or may not have a long queue at the border. If you don't make the connection then yes TAP will rebook you on the later connection, so in a way you best try for the shorter connection time since it may work. It is also possible that they may rebook you on other airlines to avoid a long wait.