The original AGM-86A was a really interesting concept to be used by penetrating bombers, allowing them to attack multiple targets off their flight path and acting as an armed decoy. The later B version was really an alternative concept looking to avoid penetration entirely, less adaptable to alternative applications but a response to the political-military concerns of the time around penetrating bombers.That's a size and weight that would have made them tactical aircraft friendly. I'd say they would be better than a B-61 for attacking tactical targets, as would the SRAM 2, the intended replacement for the B-61. The warhead was around 300lbs, so substituting a conventional munition wouldn't yield much bang, but range could be sacrificed for payload.
Early preliminary design studies of the ALCM included the Subsonic Cruise Attack Missile (SCAM), the Subsonic Cruise Armed Decoy (SCAD), and the Subsonic Cruise Unarmed Decoy (SCUD), the latter a replacement for the Quail decoy, all of which began as design studies by Wright Field's design engineers. ASD's Development Planning deputate worked with both the Air Force Avionics Laboratory and the Air Force Aero Propulsion Laboratory in developing the ALCM concept. Particularly vital was the projection of engine technologies for gas turbine power plants that were sufficiently small for use in a missile. After many years of further development studies in the Air Force and the Department of Defense, the AGM-86 ALCM achieved operational status in 1982.