This story, reported via the CanWest news service, and available at the site of the Saskatoon Star Phoenix, indicates that Marc-Andre Bernier, who like Grenier is an underwater archaeologist with Parks Canada, is hoping to use side-scan sonar to locate the remains of the Investigator in Mercy Bay; there will also be archaeological excavations along the bay's edge, near the site where McClure cached supplies in 1853.
The project will not, according to Bernier, have any impact upon the search for Franklin's ships, which is still planned for "late August." Although the article doesn't say so, I expect that this is because the search for McClure's ship will be conducted from atop the bay ice, drilling and dropping sonar booms, whereas the Franklin search is apparently still counting on open water to conduct its search from aboard a research vessel.
Certainly, it would be of great value to be able to get some visual images of the Investigator, if for no other reason to ascertain the state of the copper sheathing of its hull. This sheathing had already been significantly damaged by the ice before abandonment (McClure reported that it was hanging in ribbons from the sides), but also because there was said to have been significant recovery of this copper by the Inuit. If indeed a substantial proportion of the copper is missing, this would confirm that Inuit did come into possession of this prized resource, and might correlate with the finds of copper in the region, some pieces of which bore the "broad arrow" of the Royal Navy. I'll certainly pass along anything further I can learn about this exciting development.