TIP pays monthly, except they skipped several months lately because of the low "official" inflation data. Do a Google search on "ishares TIP distributions" and you will find the web site showing distributions.
As to whether ETFs are a reasonable substitute for MM funds: That's debatable. The shorter term funds will be a closer substitute, since they should be less volatile than longer term funds like TIP. But any bond ETF is likely to be significantly more volatile than a MM fund over the long term -- but at least they are paying SOMETHING in dividends. I own VFIIX (a GNMA fund) as a sort of MM fund substitute, but even GNMAs can have bad years when interest rates are rising.
These are just my opinions. I would be interested to know if others agree / disagree.
As in 2008, if we experience a deflationary episode, we will find out that this is NOT a MMF.
We have a Fed Chairman who is determined not to have deflation here. Of course he was also determined in 2008, but wasn't as "convincing" then.