More general mumbo jumbo:
When you want to show two things are isomorphic, the first job is to find a map between them and then hope it is an isomorphism.
It is easy to define a map out of a categorical "direct sum", or let's call it coproduct, since in this case the algebra that looks like a direct sum is not a categorical sum.
So any pair of maps, one out of each object, defines a unique map out of the "coproduct", in this case the tensor product of algebras.
On the other hand a categorical "product" has the opposite property, namely it is easy to define maps into it. Any pair of maps, one into each factor, defines a unique map into the "product". In our case it appears to me as if the direct sum algebra above, is actually a categorical product. That is why it is easier to define a map from the tensor algebra into the direct sum algebra than the other way. I.e. it is much easier to define a map from a coproduct to a product than the other way around.
I pointed out above that we get morphism's map out of the tensor algebra from the pair of maps z-->(z,z), and w-->(w,wbar), out of C.
But we could also get the same map from the pair of maps ztensw-->(zw), and ztensw-->(zwbar), both into C.
Of course this construction also used the "sum" property of the tensor product to define the two maps. But these two maps are about the only ones one could think of. Certainly ztensw-->zw is canonical, and then we get the other by changing it by the only automorphism of C over R, namely conjugation.
The only other map I could think of would be ztensw-->zbar.wbar, which does not give an injection when paired with ztensw-->zw, since 1.tens.i and i.tens.1 have the same image.
Presumably however the pair ztensw-->zbar.wbar, and ztensw-->zwbar,
would also work. I.e,. we could also map ztensw --> (zbar.wbar, z.wbar), as this is essentially morphism's map followed by an automorphism.
I still don't see the map back.