I don't see why it wouldn't since the phone has NFC and with the ISIS SIM would have a secure element that supports ISIS. Now if you have Google Wallet using the phone secure element I have heard there can be an issue with 2 secure elements on the phone and you have to choose one or the other. I currently use ISIS and will be curious if the supposed change in KitKat to allow Wallet to work without using the secure element 1) actually works 2) if it will function with ISIS running.
How recently did you get your T-Mobile SIM or is it from a previous phone? Most new SIMS are ISIS enabled and they actually have the ISIS logo on the SIM.