Haven't ridden Katy trail but descriptions sound consistent with other rails to trails I've been on. Have ridden the River road - both years ago and last year. Be aware that there are many spots where the River road has a lot of junk on it - glass, metal, etc. Also, some spots that are seperate trail have some bumpy sections from tree roots.
That said, I'd still recommend it. Have stopped many times in Elsah and had lunch at a little place called Elsah's Landing. Great soup and bread combos. Assume its still there but others from the area may have newer facts.