Older T's had trampolines of sailcloth (80's), and the current cloth used is a big improvement (traps less wind).
The older T's used a dacron weave matertial, and I'm pretty sure this is that same stuff that is still used now, only the threads are much thicker/flatter than previously used. I suspect this just gives better strength to allow for the higher loads they used to have when running central sheeting mainsheets and jib blocks on the tramp. No big advantages as to wind resistance for the actual cloth. The reduced windage of the current setup is from the lacing gaps on 3 edges.
Mike: Do you remember your source of information about larger masks in the cloth used for trampolines on the T? I think I remember a story about Mich Booth trying such a trampoline on Sydney harbour, but I'm not sure.. I always assumed it was the current material he introduced, and that it had become commonplace by now?
I think you ment to state "larger mesh"? Yes, I recall a team was using a net type of tramp, with larger (~1") openings throughout to reduce weight and windage. This is why the rule was brought in.