In this case, it will be much easier to use $T \cos\theta$ and $T\sin\theta$ instead of $T_x$ and $T_y$. Let $\theta$ be the angle angle between the $T$ and $F_c$ force.
In this type of question, you'll want to decompose your net force into components. Notice that:
(a) The ball is not moving in the $y$ direction -- therefore, the $y$ component of net force is zero. $\Sigma F_y = 0 \quad\implies\quad mg+T_2 \sin\theta = T_1\sin\theta$.
(b) The ball is undergoing circular motion. Therefore, the component of the net force directed towards the center equals $mv^2/r$. As such, $\dfrac{mv^2}{r} = T_1 \cos\theta + T_2 \cos\theta$.
The reason I used expressed the tension in terms of its length and angle is because: had I expressed it as $T_x$ and $T_y$ instead, then, I'd need two more equations to solve the resulting system. In this case, using the $T_x=T\cos\theta$ and $T_y = T\sin\theta$ is faster and easier.