It was part of Assault Breaker since the 80s and was, as far is i know, supposed to deploy the Brilliant Anti Tank. It used inertial navigation with GPS updates. It used an IIR seeker with pattern recognition algorithms, no MMW/LiDAR.
As for the implied theater VLO delivery system, it seems unlikely that a new airplane would have been developed. If anything, the Air Force would have just haphazardly bolted a TSSAM to the belly of an F-117. As for its shape, Northrop had Tacit Blue, which, when flipped upside down, looks remarkably like a TSSAM. Of course, Northrop had the even stealthier B-2 going at the time, but trying to make a cruise missile as a flying wing presents two problems.
One is control. The B-2 was only made possible because of the advances in fly-by-wire technology. Unless you are ready to waste potentially hundreds of thousands of dollars of a missiles price on its autopilot, a flying wing does not offer much of an advantage over other stealthy shapes.
The second is packaging. One thing that is immediately noticeable when looking at any air-launched guided munition is that they are longer than they are wide because it is easier to fit them in parallel, especially when carried internally. The wider your munition is, the less of them you can carry because of space limitations.
What i am trying to say here is that the TSSAM was the shape it was because it was the most practical shape Northrop had at the time, not because of a conformal carriage VLO delivery platform.