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I usually run a TeamSpeak3 client on an additional PC (an old laptop). This creates an additional "person" in the TeamSpeak3 channel and so individual users can adjust the volume of the music to their satisfaction. I find this the most flexible, but it of course requires an additional PC or running a VM on the GM PC.
I am trying doing this, using Stereo Mix on the second PC (in this case, my Surface Pro 3) to play through TS. The problem is that now I have two PCs playing the same mix through their speakers, slightly out of sync. Turning the volume down on the second PC also controls the mix that goes to TS. I wasn't able to figure out any way to be playing sounds on the second PC and have those go through Stereo Mix/TS, but also not actually be playing through the speakers on the second PC.