Training camp battle is between Callaway and TQS, IMO. If you feel Callaway can be as good as TSQ then you might have a better chance trading TSQ if it came to that.
Sounds like this battle has pretty decisively gone to TQS, not just as a blocker but as a WR. The question is whether Calloway is worth keeping around as a regular inactive player in case somebody gets hurt or would you rather hold onto Kirk Merritt or Dai'Jean Dixon & move Calloway for a little something from a Cleveland, Chicago or Denver or some other team with WR injuries.