I've done the ride from Port Jervis to Binghampton along the Delaware on 97. I think it is a great ride as long as it is not a crowded weekend in the fall. There are some dirt roads on the Penn side you can ride up.
Hawk's Nest itself is fun but short and if you ride in the mountains, it is not bad at all. 202 from Peekskill to Bear Mountain Bridge along the Hudson is way worse for traffic. It's all relative. The memorials are for motocyclist not cyclists.
http://www.upperdelawarescenicbyway.org/