I have gone there about four-or-five times. Sadly, I have never caught a train. However, it is clear that CSX has done a lot of work on its line in the area and the Madison Railway right of way looks remarkably well kept for a short line. Thus, there is some chance you might get a train, as they likely are not doing all that maintenance work for nothing.
If you have the time, something I highly recommend, is to swing down to Madison (about 35 minutes from N. Vernon) and stand at the foot of the steepest grade in the United States (5.89%). Sadly, they no longer conduct business over this portion of the line, but it is so steep, just standing there and looking at it picturing Pennsy SD-9s running up it was very moving. It would be somewhat of a miracle if the power plant at the foot of the hill decided to start shipping by rail again. It would be on par with UP anouncing that its next 50 units purchased will be Challengers.
I would put the hill at the City of Madison up there with the Tulip trussel in terms of Indiana railroad must sees. Plus, you might catch some short line action in the city of Madison. They still conduct rail business right up to the foot of the hill.
Of course, if you would like to swing by Indy, assuming I am not in the salt mine, my door is always open to you.