Is the voltage present on each ILIMx pin proportional to the current through the OUT pin? I would like to design an indicator to show current out above a particular level.
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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.