The voltage on the ILIMx pin is regulated. The current through the ILIMx programming resistor is used internally to set current limit.
Please take a look at TPS2543. It is nearly pin-pin compatible with TPS2540 (TPS2543 has STATUS pin on pin 9) and STATUSb provides a load detection function (see pg 25 of the DS). You may be able to utilize this function for your indicator.