OPERROR NMAC DURING MAP BY ACR X.

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DSNDING FROM 4000-2000 FT ON APCH TO RWY 5 AT PVD. EXTREMELY HIGH WINDS RPTED AT FIELD AND WIND SHEAR ALERTS BEING GIVEN. OUR FMS SHOWED 101 KTS AT 3000 FT MSL. SURFACE WINDS WERE DOWN THE RWY AND ACFT WERE LNDG AT PVD. APCHING 2000 FT MSL OUR ACFT (CAPT FLYING) RAPIDLY LOST ABOUT 400 FT AND WE GOT A WIND SHEAR WARNING FROM OUR ACFT COMPUTERS. CAPT EXECUTES RECOVERY PROCS AND STARTS CLBING TOWARD 6000 FT MSL AS WE HAD ASKED FOR FROM APCH EARLIER IF WE WENT MISSED APCH. APCH CTL TOLD US TO RETURN TO 2000 FT BECAUSE OF A TFC CONFLICT. AT ABOUT THE SAME TIME WE RECEIVED A TCASII RA AND VISUALLY SAW LIGHTS APPEARING AT OUR 10:30 O'CLOCK POS. CAPT ROLLS R AND DSNDS TO AVOID TFC. WE DIVERT TO BDL. APCH CTLR LATER TOLD US IT WAS A CESSNA 310 HE HAD ON TOP OF US AND HE WAS GOING TO USE OUR SPD DIFFERENTIAL TO SEPARATE US ON THE SAME APCH. HE ADMITTED IT WAS NOT A GOOD IDEA CONSIDERING THE WX CONDITIONS. WE PROBABLY SHOULD HAVE TRIED TO HOLD 2000 FT BUT CONSIDERING THE SEVERITY OF THE WIND SHEAR AND THE PROX TO THE GND; I AM NOT SURE AN ATTEMPT TO STAY AT 2000 FT IS SO SMART. I KNOW THAT DURING CONDITIONS LIKE WE WERE EXPERIENCING THAT I DON'T WANT ANYBODY ON TOP OF ME WHILE SHOOTING AN APCH.