Yes, you do need to do a little algebra on this problem but the amount can be alleviated with a little geometric insight. Let's start with a look at the graphs of $T_{\mu}$ and $T_{\mu}^3$ for a typical value of $\mu$ with $\mu>1$ - specifically, $\mu=1.5$, which is a little less than $(1+\sqrt{5})/2$.

Note that the graph of $T_{\mu}^3$ consists of 8 segments. It's pretty easy to see why. The inverse image $T_{\mu}^{-1}(y)$ of any point $y\in[0,1]$ consists of at most two points; thus, $T^{-3}(y)$ can consist of 8 points and, hence, the 8 segments. Note also that three vertices of this piecewise linear graph are close to the line $y=x$. The period 3 cycle will appear when these simultaneously touch the line; this must happen simultaneously because those points together will form the 3 cycle. As a result, you simply need to solve the equation
$$T_{\mu}^3\left(\frac{1}{2}\right) = \frac{1}{2}$$
for $\mu$. But
$$T_{\mu}^3\left(\frac{1}{2}\right) = \left(1-\frac{\mu }{2}\right) \mu ^2$$
as you can see by first computing $T_{\mu}(1/2) =\mu/2$ and then computing $T_{\mu}(\mu/2)$ accounting for the fact that $\mu>1$ and finally computing $T_{\mu}$ of that result.
Finally, the solutions of
$$\left(1-\frac{\mu }{2}\right) \mu^2 = \frac{1}{2}$$
are $\mu=1$ and $\mu=(1\pm\sqrt{5})/2$ and only one of these makes sense in your context.