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Shannon, yes it would. Once you are issued your CCDW, FFL's will no longer need to do the NICS background check. Cheers and stay safe!
You'd have to not only take the class but pay the application/processing fee as well. But yes Kentucky does have a background check exemption for CCDW holders (which you don't even need to cary concealed on KY anymore) 3 day wait isnt to bad when I got my AK earlier this year I had 4 week wait, because the system was backed up. List of states that having a Concealed Carry permit exempts holders from background check https://www.atf.gov/rules-and-regulations/permanent-brady-permit-chart
that would depend on your state. Some like NC exempts CCL holders from the NICS background check