Everton would be best served using the extra money for a couple years servicing the debt to get it much more manageable and focusing on players you could pick up on cheap deals, loans if they can.
Prices won't change hugely because of the tv deals because ultimately if 10 clubs in Europe want to buy a player from lets say Sevilla and his "european" price is £5mil, why would Everton spend 15mil, they'll offer 6mil. Where the tv money ends up pretty quickly is in increased wages. Arsenal/Utd were spending around the 60-70mil mark in wages around the 2000-2004 time frame, this has since launched upwards to 140-170mil, every few years tv money goes up, and wages pretty much follow on within a couple years. That doesn't account for the entire difference, but much of it, the rest being made up by commercial and in Utd's case, though their commercial increase makes ours look pretty pitiful in comparison, it's offset by far larger debt repayments. 30mil bought you a top player in 2000, and 30mil buys you a top player today.
I linked to some quotes from Pienaar and others regarding changes at Everton, I think it was Pienaar who remarked there were huge changes in style and training and that the first three games of the season went fairly poorly(3 draws) but they could feel the change and knew it would work, it would just take a little time to click together, and then it certainly did. Everton are 5 points up on last year with a better defensive record, but this included this change in style, it included the 3 draws where they were adapting and enacting this plan on the pitch, something Moyes didn't have to deal with last year.
The first three games were West brom, norwich and Cardiff, if they played those games now, I'd expect a minimum of 7 points, maybe all 9.
It's incredibly that with such a shift in style and a pretty heavy change in the front 6 that it took just 3 games to adapt and find their form and despite this time to adapt they are 5 points ahead as it stands.