Both the I-55 and I-40 bridges need to be fully replaced with modern structures ASAP. Even with the retrofits, I don’t trust the I-40 bridge at all.
The problem is $$$ and cooperation between AR and TN is non-existent. Thus, I fear another, worse I-35W situation will occur when the New Madrid fault erupts.
There are two points here. First if the New Madrid goes off big enough to knock these bridges down, the infrastructure to get to them will be impassible. I doubt they are actually the first things that are going to fail.
Second, additional bridges can give redundancy to the grid and in the intermediate, THE EXISTING (OLD) BRIDGES will have several years of life. We have to remember that when the World Series Earthquake hit San Francisco, that the Embarcadero freeway completely failed. There was damage to the Bay Bridge, but not a total collapse. I feel that unless Memphis is reduced to rubble that would be the outcome with the bridges in Memphis.
More lives could be lost on the railroad bridges if one of them failed with a passenger train crossing at Cairo than if both of the highway bridges at Memphis fell into the river.
I will add we really don't have real world experience with cable stayed bridges in earthquakes.