Try
\fontfam[LMfonts]
$T$'
\bye
The apostrophe seems too close to the letter. Not sure if this is a feature or a bug, but I think it does not look too good (imagine you have a text in quotation marks ending with $T$). The same works with $P$. Also if you write something like $T$ h, the letter h seems to be too close as if there was no space. If you comment out the \fontfam line, there is no problem.