The permit dates back to 2009 and doesn't expire until 2012. The site in Lowndes County isn't on either the WAKA or WNCF TV towers, but east of them between Mosses and Haneyville. As far as Google satellite view shows, there isn't any existing tower at or near that site that I can see.
WLWI would see a coverage boost if they built this out, plus a move back up to a full class C facility, but it would remove some coverage in the Auburn area, which I imagine is an important place to cover. Most of the improved coverage would come in west Alabama past Selma where it's mostly trees and cows. North and south wouldn't change much, and of course to the east of Montgomery they'd lose some signal strength.