Likely too low.
Drainage at the listed put-in is just over 20 square miles. The gauge on Elkhorn Creek lists drainage of 473 square miles, but then says "Contributing drainage area 402.4 square miles". Using that latter value, expect flows in this creek to average something close to 1/20th the flow on the listed gauge.
Smaller watersheds will react faster and will drain faster, so expect approximation from the gauge to lag reality (on both rise and fall), as well as going awry when rains are more localized (either in this watershed or the Elkhorn Creek watershed).
There is a gauge nailed to a tree on the bank at the Baptist Church takeout.
Also check the Bluegrass Wildwater Association Facebook page for reports.