In terms of "real world" performance, I found the Make-It-486 to provide little if any improvement. However, the memory management and 386 instructions of the new chip are useful.
But, one interesting thing that I noticed is that some of the "cache enabling" software doesn't work very well. I have this one release that reports the cache to be "on", when infact it is not. If you are using the software that came with your chip, it's probably doing a good job. But, I highly recommend using the software for the Cyrix DRx2 and SRx2 upgrade chips. It is much better (and newer) than the earlier Cyrix programs, and allows you to configure the chip so you can do DMA properly. This probably doesn't matter much to you since your Tandy only has 8-bit expansion.
You are also correct about the Math Coprocessor not working with Make it 486. According to documentation I have seen, I was pretty sure it could...but my testing has proven otherwise. I have tried both original 80287 and 80287XL (387sx based) chips. If you want to use an FPU, you'll need the version of Make-It-486 that has one soldered on the underside. Neither of my two units have this feature unfortunately.
However, I am currently using something much better than "Make-it-486". It is a module by a Japanese company called "Buffalo" for upgrading proprietary PC-98 systems. They come in a number of versions, but mine has a 40MHz Ti486SXL with 8kb L1 cache, and a Cyrix Fasmath FPU. The performance of this chip seems much better than Make-it-486 (probably because of the cache).