The god-awful mess below is really nothing but a lot of trivial details. If there's a point to it all it's this:
If $p,q,r$ are such that $h\in L^r$ implies $hf\in L^q$ for every $f\in L^p$ then this fact "must" follow from Holder's inequality. And the converse, that if $h$ has that property then $h\in L^r$ for a certain $r$, "must" follow from what's sometimes called the reverse Holder inequality, aka $(L^p)^*=L^{p'}$.
The cases $q=1$ and $q=p$ are very easy:
$hf\in L^1$ for every $f\in L^p$ if and only if $h\in L^{p'}$.
<p>$hf\in L^p$ for every $f\in L^p$ if and only if $h\in L^\infty$.</p>
This looks like the condition $h\in L^r$ should have something do with it, where $$\frac1r+\frac1p=\frac1q.$$
Let's see. Yes, $T_h$ must be bounded, so $$\int|h|^q|f|^q\le c||f||_p^q.$$
Assume $p\ge q$. Then $f\in L^p$ implies $|f|^q\in L^{p/q}$.
And in fact $$\{|f|^q:f\in L^p\}=\{|\phi|:\phi\in L^{p/q}\},$$so we have
$|h|^q\phi\in L^1$ for every $\phi\in L^{p/q}$, which implies that $|h|^q\in L^{(p/q)'}$. Let's see, $$\frac qp+\frac{p-q}p=1,$$so $(p/q)'=p/(p-q)$. So $|h|^q\in L^{(p/q)'}$ says $h\in L^r$, where $r=pq/(p-q)$. Yes, that's the same as $1/r+1/p=1/q$, cool.
We've proved the harder half of this:
Suppose $p\ge q$ and $1/r+1/p=1/q$. Then $hf\in L^q$ for every $f\in L^p$ if and only if $h\in L^r$.
The other half must be just Holder's inequality. Suppose $h\in L^r$. Note that $q/p+q/r=1$, so $p/q$ and $r/q$ are conjugate exponents. Hence $$\int|hf|^q\le\left(\int|h|^r\right)^{q/r}\left(\int|f|^p\right)^{q/p}.$$
It's easy to see that $p\ge q$ is essential:
If $p<q$ and $hf\in L^q$ for every $f\in L^p$ then $h=0$ almost everywhere.
If $h$ does not vanish almost everywhere there exists $E$ with $m(E)>0$ such that $|h|\ge c>0$ on $E$. There exists $f\in L^p$ such that $f$ vanishes off $E$ and $f\notin L^q$.
Details on that: There are at least two ways to see there is such an $f$. (i) Note that $E$ is measure-space-isomorphic to $(0,m(E))$, so wlog $E$ is $(0,a)$; now let $f(t)=t^\alpha$ for a suitable $\alpha<0$. (ii) Choose disjoint sets $E_j\subset E$ with $m(E_j)>0$ and let $f=\sum a_j\chi_{E_j}$ for a suitable sequence $(a_j)$.
And so there you are:
$hf\in L^q$ for every $f\in L^p$ if and only if (i) $h=0$ almost everywhere or (ii) $p\ge q$ and $h\in L^r$, where $1/p+1/r=1/q$.