Interesting developement along this route. The waterfront developement in Louisville will be completing the Big Four pedestrian (and bikes) bridge project this coming August. The Louisville side is complete and the Indiana side will be completed in August. This bridge is right on the (Indiana side) route.
This will do a couple things, give cyclists safe access to the whole waterfront park, connection to Louisville and the possibility of an alternate Kentucky side of the river route to Carrollton. I live in the area and the Kentucky side is much nicer than the Indiana side for this short section.
Also my house is right on that potential alternate and I would love to create a bike oasis for cyclist. http://www.jeffmainstreet.org/news-archive/big-four-bridge-updates.html