Not sure what part of the State you're living, and/or planning to do most your hunting/fishing,
but . . . . . .
I see quite a few tickets being issued annually at LBL and the Reelfoot WMA & Reelfoot NWR areas,
due to those hunting & fishing there not paying acute attention to the unique "permits" of these two areas.
Whether you have a Sportsman's License or not,
you need an LBL permit to hunt or fish inside LBL's boundaries.
Reelfoot is a bit more complicated because large portions are TWRA-managed "State" WMA
while a large portion is a Federal National Wildlife Refuge,
with both areas containing both "woods & water".
If you do NOT have a Sportsman's License, you additionally need a TWRA-issued (state) "Reelfoot Preservation Permit".
Should you either hunt or fish on the federally managed portion of Reelfoot,
regardless whether you have a Sportsman's License or not,
you additionally need the federally-issued Reelfoot National Wildlife Refuge User Permit.
And to make it even more complicated at Reelfoot,
some of the boundary between the "state" vs. "federal" portions are essentially just arbitrary lines across water due to the signs being far apart and sometimes missing.