After some experimenting with TMG (I was a beta tester for the 4.0a release) I determined that there were certain records where I used the long place name that I would have to look at and modify. These I could identify in UFT with search and grouping so I set a flag on them. In TMG I used the flag to create a List of People (LOP) report and created a custom picklist. I then went through the custom picklist making the changes and clearing the flag so that I could stop at anytime and continue later. These were about 5000 records.
Secondly I had about another 2000 records where I had used the common name and alias1. These I could identify in TMG and again used a flag to identify which ones I needed to look at and change in the same manner as above.
Also, due to the way I used the DetailA and DetailB fields in certain instances in UFT I needed to look as some and maybe adjust. Again I could do this using the LOP report and creating a custom picklist.
The majority of my data where I didn't used any of the above converted over with no editing required.
The amount of editing required is dependent on how you used (or mis-used) some of the capabilities of UFT. Generally you can identify those that you need to take a closed look at and isolated them in a custom picklist.
There are other things I will do as I have time such as rebuild my sources to fit the templates in TMG but I can live with the way they converted for now. Another thing I will probably due is to move all of my images to external files where they are currently internal in TMG. These aren't conversion problems, just making use of features of TMG.