I assume the preference for clusters is to have the tempdb on it's own dedicated physical disk, but if there are not enough actual disks in the SAN to make this possible, would there be any performance benefit to split an existing RAID group into 2 LUNs and use one solely for the tempdb?
Even having tlogs on separates IO channels is not a guarantee of high performance. There are sitauations where you can have multiple transaction logs from many databases - which if busy enough can simulate a random read. Keep an eye on IO write\reads delays. Also, report on LDF \ MDF locations - http://www.sqlserver-dba.com/2012/08/sql-server-manage-sql-data-and-sql-log-file-locations.html