Suppose $b_1\ne 0$. (If $b_1=0$, then $b_n=0$ for all $n$ and the inequality does not hold.) And I also assume $n\ge 1$ in $b_n^2=b_{n+1}(1+b_n^2)$.
Lemma. $0<b_{n+1}\leq b_n/2$ for $n\ge 2$, and $0<b_2\leq |b_1|/2$.
Proof of lemma. (From the OP's argument.) $b_{n+1}=\frac{b_n^2}{1+b_n^2}>0$ for $n\ge 1$. Using the fact that $1+b_n^2\ge 2|b_n|$, we find $|b_n|^2=b_n^2=b_{n+1}(1+b_n^2)\ge 2b_{n+1}|b_n|$, hence $|b_{n}|\ge 2b_{n+1}$.
Proof. The $(2l-1)$-th and $2l$-th terms of $T_n$ ($l\ge 1$) are
\begin{align*}
-\frac{2l+1}{(2l)^2}b_{2l-1}+\frac{2l+2}{(2l+1)^2}b_{2l}.
\end{align*}
For $l\ge 2$, this is negative, because $\dfrac{2l+1}{(2l)^2}\geq \dfrac{2l+2}{(2l+1)^2}>0$ ($\because\dfrac{k+2}{(k+1)^2}=\dfrac1{k+1}+\dfrac1{(k+1)^2}$ is a decreasing function of $k\ge 1$) and $0<b_{2l}\leq b_{2l-1}/2$ (from the lemma).
For $l=1$, this is equal to
\begin{align*}
-\frac34b_1+\frac49b_2
&\leq\frac34|b_1|+\frac49\cdot\frac12|b_1|\\
&=\frac{35}{36}|b_1|
\end{align*}
If $n$ is even, the above argument suggests $T_n\le\frac{35}{36}|b_1|<\frac54|b_1|$. If $n$ is odd ($\ge 3$), the last term remains, which is negative, so still $T_n\le\frac{35}{36}|b_1|<\frac54|b_1|$.