I currently have TM rac Black wedges in a 54.10 and 60.07, both with trailing edge grinds. I always thought the grind reduced bounce when you open the face, but apparently it just reduces bounce on full shots. I use my 54* for full/standard bunker shots and my 60* for everything else. I play in a variety of conditions, and I'm fairly steep with on my full shots but flexible around the green.
For my 54*, I'd like to have more bounce for the fairway and bunkers. That makes it seem like I should go with the 54.14F since the TVD is out of my price range.
For my 60*, I'd like more bounce for square face chips/pitches, but it's fantastic when I open it up which is 95% of the time. I'm not sure if the 60.08M would give me enough square face bounce, and the 60.11K seems like it won't be as good when opened up. Alternatively, I believe the 60.07S has less camber than my TM, so that might be sufficient, or I could just get used to shallowing out AoA on square face chips/pitches.
Here's the thing. If I'm going with SM5 54.14F and 60.07S/60.08M, I might as well get just get the SM4. The 54.14F and 60.07S are identical, while I'm pretty sure the SM4 60.10M is the same as the SM5 60.08M; it's just that the SM5 lists the effective bounce. And I can get them in Black Nickel in very good condition for $60 each compared to $120 for the SM5s. The caveat is that I'll have to deal with wedge flex shafts instead of S400, but that doesn't really matter.