Found an answer in Arduino forum from PrairiePoet and it works great;
“For Mac users, go to your Applications folder, right click on the Arduino.app and select “Show Package Contents”. Then navigate through that to find the Library folder.”
You will know you have the library folder for sure because it has EEPROM and all the others.
Rename TVout-VE to TVout put it in the Library folder you find and when you restart TVout will be in the Import Library dropdown menu under sketchbook.