Although not yet open to the public, Longleat's second/further consultation exhibition materials are going up now and are visible through the window of a shop in Cheddar gorge, further up from the Caves. The display appears to be the same as on the Caves & Gorge website, and as it was for the initial public consultation in March 2012. Link to Caves & Gorge cable car plans page.
(The consultation exhibition is in what was until very recently the Cheddar Gallery, which is still an online business).
You may check for planning applications any time on this link Sedgemoor Planning Online
Page updated 13 April 2013