To check your old cam, get a cheap dial indicator (Enco frequently has a kit with indicator and magnetic base for under $20) and measure the lift at each lobe. You can compare the measured values to the specs; but usually just comparing all the intakes together and all the exhausts together is enough. If the cam is worn, some lobes will be worse than others. The cam in TS39781LO when it was wrecked had about .100" less lift on #2 exhaust than #1; I didn't bother checking the rest.
IMO, a mild cam in combination with a modest increase in compression ratio (head milling) and improved exhaust really wakes the motor up. If you do have the head milled, be sure to radius all the edges. The Competition Preparation manual has patterns to follow. "Unshrouding" the intake is more problematic as that area is also the sealing surface for the stock headgasket. You can't do much without having to use a modified gasket, cut the liner, etc.
I did a TR3A motor years ago with a "3/4 race" cam from Bap-Geon; sure do wish I'd saved the specifications for that cam! It idled a little rough around 1100 rpm; basically just sounded like it needed a tune-up. Pulled about like stock from there up to maybe 3500 rpm; then it suddenly felt like two more cylinders! Pulled like a rocket from there out to about 5500 (where the valves started to float anyway). Flip the OD switch at about 5000 in 2nd gear, and the front end would come up again! I used to regularly embarrass 289 Mustangs (until the rear end broke). Besides the cam, it just had 87mm liners and a tubular header (both cheap from Warshawsky's); and TR4A exhaust valves and valve springs. Didn't mill the head or anything. Just the 87mm liners bump the compression ratio up over stock.
The stock rocker adjustment should have enough range to cover .080" off the head without shorter pushrods. However, if your old pushrods are the 5/16" variant then I would replace them anyway. They flex enough to cost some power.
IMO the later exhaust valves (and special conversion guides) are worthwhile as well; if you're already overhauling the head. They leave more room in the port for the exhaust gases to get by.
Larry Young (no relation) said he was thinking about doing a 'street' cam for the TRactor motors, but wasn't sure there was enough interest. If you are interested, you might let him know. He has designed a camshaft for vintage racing that seems to be quite successful on the track, but is too hot for the street (peak power around 6000 rpm). Here's a user report from Tony Drews:
https://www.team.net/mharc/archives/html/fot/2007-05/msg00330.html