Okay....there is my take on things.
The Razor never *was* alternative period. It was a hair metal station with a little classic rock and some never metal thrown in. Ratings always tanked for it, but i'm sure it had its followers (i've met a few folks that admitted to listening to KGHT and KMTL, btw). The Edge (100.3) has always been male-oreinted and nothing that resembled Indie Rock/College Rock, etc.
Little Rock last had a station that resembled indie/alternative was a decade ago with Flinn's rebroadcast of that Memphis Alt/Rock station on 101.1 (KDRE). About 1996 it got more mainstream and repositioned as The Zone and by April 1, 1997 it was gone and flipped to the short-lived Z-101.
Its doubtful in today's climate that a indie station would succeed and more so in Little Rock. After, a rock station not playing Skynard, or the Eagles would be considered not kosher by the Benton, Bryant, Cabot crowd.