I too struggled with whether the grade was above or below the upper section of 550 at the Chattanooga loop. There is clearly another shelf down below the highway as well as the one above. My assumption that it was above is based upon a couple of things. I've been corresponding with someone that lives in the region and also has hiked quite a few old grades. I asked him about this and he stated that it was above the highway. He also provided a couple of photos that he took while hiking that upper section. I have also compared the 1902 map with these two possible routes. The general shape of the grade on the 1902 map seems to be a better match for the upper route than the lower one.
I definitely want to explore the loop when I get a chance. I drove up there last weekend but just poked around down by the ore loading bin. I had a goose to catch so I didn't have time to hike that section.
The southern part of the line is definitely east of the highway as you can see from some of my grade shots. There is more to explore north of where I ended my hike. If you look at my end of grade shot there is a convient parking area on the west side of the highway. If you were to venture east of the highway just beyond that slide area you should be able to pick up the grade again. In fact I hiked a short section further north on a much earlier trip. I didn't have GPS back then so I don't recall exactly where it was. But I do know that I found a few artifacts at that time. On this latest hike along the lower grade I found the occasional tie still buried on the grade.