This a good question. Something else not taken into consideration with making the mess of the two tier system here.
T.C.A. 39-17-1351(r)(1) says "A facially valid handgun permit, firearms permit, weapons permit or license issued by another state shall be valid in this state according to its terms and shall be treated as if it is a handgun permit issued by this state; provided, however, this subsection (r) shall not be construed to authorize the holder of any out-of-state permit or license to carry, in this state, any firearm or weapon other than a handgun." [emphasis added]
The "shall be treated as if it is a handgun permit issued by this state" meant, prior to the two tier system, that you could open carry in TN with any valid out-of-state permit/license since it was treated the same as TN Handgun Carry Permit which allowed OC. But the new law doesn't seem to address the two tier system.
I do not currently know of any situation of someone OCing in TN with an out-of-state permit and being challenged by Law Enforcement.
I am not a lawyer or LEO, but my guess is, worst case scenario you would be asked to carry it concealed.