disk size of 512GB, 256GB, 256GB, each uses less then 50%, do I need a 1TB SSD to initiate TM backup for all 3 Macs?
You need a minimum of 2x the size of your source. Assuming at some point you fill all those disks that would be 2 TB minimum.
1. TM often way over estimates the amount of space that it will need and backups will fail if you don't have enough space.
2. If you have a lot of churn there is going to be a lot of history and you will need more.
3. When you run out of space TM will start deleting backups. The more space you have, the longer TM will have historical backups. I use a 6 TB drive backing up maybe 3 TB. Since I have plenty of extra space I have backups from May 2020. Actually I would have even earlier ones but I had to keep starting TM from scratch every few months as I was filling up the disks, discarding backups. Looking at the backups via Daisydisk I realized that I was backing up terabytes of IOS backups (~/Library/Application Support/Mobilesync directory) and disk protection (TechTool Protection). Just added them to the exclusions so we'll see how it goes.
4. An SSD for TM backups is a waste of money. A hard disk (assuming you aren't in an enviroment where an SSD would be indicated) is a far better use of your money. You can get a much larger hard disk for the same money as a small SSD giving you much more history. The initial backup will be slower, but incrementals will be relatively fast. Since it runs in the background the time to run a backup normally is not interesting.
5. Make sure you have a 3-2-1 backup strategy, where TM is only 1 of the 3 backups. TM backups get corrupted. Ideally one should be a clone, made by Carbon Copy cloner or its equivalent. If you have a failure a restore from a cloned drive is way faster than from TM.