An article on the Indianola incident, particularly one concerning blown opportunities, may still be a viable option. My coverage of the incident doesn't get into too many "what if"s or "if only"s. Personally, my take on the whole affair is that it was a miracle the Confederates were able to capture and sink the boat. As for the "ifs", if the Indianola officers and crew had been anywhere near competent, and if they hadn't loitered around stealing cotton, or if they'd actually ran when they made their run for Vicksburg, or if they'd stood their ground at the mouth of the Red, then there's no way the boat would have been taken.
The Yankees weren't able to raise the boat until the war ended. The big question that has to be answered, and I don't know if it can be, is "was the boat seriously damaged from the original sinking, or was it seriously damaged when the Confederate forces abandoned it?" If the main damage came during the original sinking, then there's no way the South could have done anything with her, and the opportunity to use her was not so much "blown" as it was non-existent.