This is exactly right. You don't even have to do the terrible bonus objectives. You level faster because there is no RP and no MAW outside the first bit. After leveling 8 60s, 4 TOF and 4 Story, i will never storyline quest again in SL. TOF gives the renown boost (4 from the zone quests, and up to 4 if you run 4 dungeons). Story wouldn't be so bad but Bastion and Ardenweald are so full of talking quests. I can literally get a class with decent damage or ability to chain pull to 60 from 50 in one session. Not to mention you get anima during it which can be used to upgrade the campaign gear so you start at a higher itemlevel.
Each dungeon completion has a chance of giving you a renown off last boss if you are in TOF. So 4 from zone quests and 4 from dungeons with my route.