Going with T as the set of all truths, let t, t', t'', etc. be elements of that set. Let {t, t'} be some subset of T. In fact, let's specify {t, t'} as (t ∧ t'), i.e. as the conjunction of the two individual truths. Now, if this subset isn't in T, then it's not true, i.e. the conjunction of two individual truths isn't itself true! So much for conjunction, then, perhaps.
The way the original argument (as reported in the SEP) goes, the idea is that there is a separate truth-statement for every assertion (x ∈ ℘(T)), so that there are as many such statements, which are supposed to be true, as there are x. In fact, such an issue has often motivated intuitionists to reject the powerset axiom for infinite sets in the first place (predicativists have a different, but related, set of objections in play, here), see Storer[10], esp. §§3.3, 5.1, and 5.3. Anyway, if there is a separate, "It is true that x ∈ ℘(T)," for every x, then T would be both a subset and a superset of ℘(T), which if not contradictory, is at least exceedingly curious. But perhaps there are not separable true statements for every x as such, but a plurally quantified statement that at once maps all possible instances of the scheme, "x ∈ ℘(T)," into T, so that there is only one true statement for all the x as such.
Now again, if ℘(T) has elements that are subsets of T that aren't in T, then those subsets, despite being combinations of truths, don't represent truths themselves. An omniscient being can hardly be faulted for not knowing things that aren't true, I suppose. An easier way out would just be to deny either the powerset axiom for T itself (i.e. there is no set of all subsets of T because there aren't "all subsets" of T in the first place) or anything, e.g. separation/collection, that could be used to extract subsets from T and then theorematically compose them into a non-axiomatic ℘(T).
Or even more easily, just deny that there is a set of all truths, but there is a proper class (where this isn't a proper set) of them, and say that an omniscient being knows the proper class of all truths internally (even we might be said to know of the class externally, although we are not omniscient and so don't know what all its elements are individually).
ADDENDUM: Skolem's paradox
Whether a set of all truths about elements of some powerset must be greater than a set of all truths about a base set is something touched upon in connection with Skolem's paradox. Per first-order model theory:
The downward Löwenheim-Skolem theorem:
Suppose L is a first-order language which has κ formulas, A is an L-structure and λ is a cardinal which is at least κ but less than the cardinality of A. Suppose also that X is a set of at most λ elements of A. Then A has an elementary substructure which has cardinality exactly λ and contains all the elements in X.
So we might think that a set of all truths about elements of a powerset must run through more truths than there are elements of a base set, but it turns out that we don't need to do this; it is possible to "collapse" (a word beloved by set theorists!) an uncountable model to a countable one (a model is countable when it has only countably many sentences to its name). So there should be a way to find a countable set of truths that model-theoretically "covers" uncountably many sentences about elements of powersets. Now I think there are things called "Löwenheim-Skolem numbers for logics" such that they replace the "collapsed to countable" description with "collapsed to λ" such that theories in these logics must have at least λ-many sentences (that's my attempt to understand the descriptions, anyway), but so again, if we take a theory of size λ for a set of all truths (per the theory), we should be able to go down from 2λ nevertheless.
So again, an omniscient being would perhaps be able to directly comprehend a set of all truths, for a set of size λ, without having to directly comprehend, in the same act, a set-of-subtruths of size 2λ.