I've had a little time to put miles on my TKO 500 combo now as well, Ross.  Background info, 390/TKO 500 with .68OD/4.10gear/'63 Marauder.  I have same rear tires as Ross, 275/60/15s, so RPM/MPH info is the same.  
I run a 750dp/Performer RPM/Comp 270H which is 224* on a 110LSA advanced 4*.   So, 100cubes less, fatter car with more frontal profile, cam is smaller but I'd bet a 224* in a 390 is same ballpark RPM and vacuum wise as a 242* cam in a 489?  I always went by the rule of thumb of adding 6-8* of duration for every 50ci of displacement to keep RPM range the same.  I'd also guess your solid may act a bit "smaller" even with the tight lash, but splitting hairs.  
I just drove it down to Va International Raceway last week, 400mi round trip.  Ran mostly 60-65mph, car pulls great at the 2000rpm cruise.  We were on a secondary two lane with some quick "rollers" through the foothills that were fairly steep and they just required a little roll into the throttle, no problem.   Slower sections through town 45mph/1500rpm, just for fun I stayed in OD, it will handle it but throttle response is basically nil and it does one "chug and go" when rolling back on it, but it doesn't buck.  I'm sure if I wanted to play with the power valve I could get it to pull clean at 45mph but I'm not going to be in the habit of lugging it.   55mph is 1750ish rpm, no issues and pulls clean, will gain RPM on uphills with a little throttle so doesn't feel like it needs a downshift.  
I'd say this gear/trans combo is "perfect" for my needs.  Virginia has a bunch of really nice two lanes so the 60-65mph zone works well.  I have spun it up to 70-75mph for long stretches (75 is 2500rpm) and that works well too, so I can hang with interstate traffic just fine as well if needed.  The SLR is pretty steep with the 3.27 first, but it works well to get the heavy car moving.  Also, I had to extend the z bar arm to work in my car, losing a ton of leverage on the clutch, making it very "heavy".  With the deep first gear I can actually roll along at idle in traffic situations without bucking, nice to not have to keep working that heavy clutch pedal.
Granted, my combo is very mild.  As has been stated already, trying to figure out the sweet spot for more street/strip type stuff would be interesting, especially for smaller displacement stuff.