TwonkyBeam does work with TwonkyMedia server and local media. I have not tried it with TMS and Internet radio. Here is some more info about this, that you (or others), may find useful.
Q: Can I use TwonkyBeam with TwonkyMedia server?
A: Yes. By using TwonkyBeam with TwonkyMedia server, you'll be able to stream your local media files to devices around your home.
Here's how it works:
1. Download (
http://twonkymedia.com/buy_server.html) and install TwonkyMedia server if you haven't done so already. You can use it for up to 30 days without buying it.
2. Next click on the blue TM icon in the taskbar area in the lower right hand corner of your screen and select Media Server Settings.
3. A Server status page should appear in your Web browser. Click on the Media Brower link on the left.
4. Navigate down until you see the songs on an album. [Avoid clicking on All Tracks, because that page might take a while to load if you have a large music collection]
5. Press the Play All button in TwonkyBeam. In a few seconds you should here the selected songs playing on your device.