Like yourself, I came to Pentax from a Panasonic P&S. In my case, I had a Pana FZ20 and I move to Pentax K-7. My longest lens is 300mm and I found that I rarely need more. I have a TC for the occasional long-reach shot, but I found using it very rarely.
You mentioned two options: TC or new len(es).
Any TC will lower your IQ and it should not be your first option. Even myself, I prefer to crop my shots over using the TC.
You are better off to consider another lens IMHO.
Pentax has announced a DA550mm on its road map:
Pentax Lens Roadmap for 2012-2013 - Pentax Camera News & Rumors - PentaxForums.com
It may be worth to consider the 550mm. This is an interesting lens IMO.
The Sigma 50-500mm may be another excellent option if it suits your needs. Do read the in-depth review:
Sigma 50-500mm F4.5-6.3 APO OS HSM - Review - PentaxForums.com
And remember that the lens is heavy. Really heavy....
You might also consider alternatives like the Sigma 150-500mm.
Hope that the suggestions may help.