I've heard that but just as speculation. There are East Tennessee references all over the place. Even though it takes place in a fictional town in Indiana, it's made pretty clear the fictional county the town is in is called Roane County. It shows up in several places — signs, school bus, etc. At the beginning of this last season when they were setting up for the fair, my wife spotted a guy in a Knoxville World's Fair tshirt, plain as day. I think I remember someone mentioning Etowah at some point too, which isn't the OR area but a regional reference anyway.
Seems like it's at least a nod to Oak Ridge if nothing else.