About half of the 'mainline' between Indy and Peoria is intact. The line from the west belt to Crawfordsville is a CSX line with decent industry, which also hosts Amtrak. From Crawfordsville to Olin, IN (just west of the Wabash River) is abandoned. From Olin in to Danville, and past to the west side of Danville it is intact, with the crossing of the old C&EI at Danville Junction removed. From Olin to the CSX connection just north of Brewer Yard it is now the Vermillion Valley shortline railroad. From Danville Jct. west to the end of track just past Hilary Yard it is CSX. From there to Urbana it is abandoned and being turned in to a rail trail. From Urbana, through Champaign, and up to the connection to the old Wabash main to Chicago in the town of Mansfield, it is Norfolk Southern. There are 2 decent industries in Urbana and a large grain elevator in Rising. From Mansfield west to Bloomington the tracks are in but railbanked. From Bloomington west to Pekin (and eventually Peoria) the line is abandoned.
The segments that remain are viable, otherwise they wouldn't be used. If they were strung together they weren't. If someone would want to be real adventurous they could include the original P&E line to Springfield, OH that they leased to the Big Four.
And don't forget it ran right past the front door of the Indianapolis Motor Speedway. That would be interesting to model. Maybe a 60's version with a tiny A.J. Foyt throwing wrenches in his garage....
Bruce