I record tambo. It seems to be aggressive in the mic, so I back down on the pre-amp, and try to hit peaks around -12. Then mix it as appropriate.
In my latest, I doubled the snare hits in the song with a recorded tambourine, it's not "out there?" In fact, it's really intended to just enhance the snare, but I know sometimes you can shake it too (and I do)
It's difficult to line it up sometimes, and a little off is ok? You should listen back to it and hear where you need to split and nudge it, and where you need to re-record.
The latest with a live tambo (me playing and recording it)
http://forum.cakewalk.com/Old-Skool-Remix-1-9813-m2880906.aspx I think it came out pretty nice :-) Then compress it appropriately so it doesn't spike too much, and maybe push the transients a little. Good luck. (Oh and I panned mine with the snare. In this song, it's subtle? More of an effect almost, but the tambourine is a critical component in lots of rock music.)
P.S., when I record a tambo part like this? I typically put the mic up here (holds hand up and away) and hold the tambo down here (holds hand down and away) and typically hold it with one hand and hit it with the palm of the other. This works best for me to be "on the beat." The shaking it part is trickier... And I typically need to comp it in to get the rhythm right.