I reckon you'd be okay on your tourer if you ride with care.
I can't think of many sections of towpath near here that have grass on! Pretty much from Sowerby Bridge to Littleborough it is packed mud with a few sections of tarmac or cobble stones. Yes, after a lot of rain there are puddles and the mud softens. Gravel has been spread a few times but it never seems to be there for long. Don't know why they bother!
Between Hebden Bridge and Todmorden there are a few spillways allow excess water to drain off into the river below. They are cobbled and (usually) wet so either walk them or ride through with care.
If you ride at the weekend, the towpath can be quite busy with walkers and cyclists. Also watch out for fishing rods draped across the towpath.
There are some geese that hang about between HB and Tod. If you encounter them on the towpath, they will give you a warm welcome!
WARNING - there seem to be a lot of selfish and/or stupid dog owners in the Todmorden, Hebden Bridge and Mytholmroyd areas who seem to think that the towpath is a toilet area for their mutts! Some owners think that picking up the crap and then leaving the bags on the towpath is the solution - WTF?
The Calder Valley cycleway is an alternative between Hebden Bridge and Luddenden Foot. You can get on it at the side of Hebden Bridge railway station. It takes you to the back of the old Walkley's Clog mill. Follow the broken untarmaced surface past some industrial units and then proceed down the quiet Caldene Avenue into Mytholmroyd. Turn right up the side of the community centre (where they are building some new houses). Go through the short tunnel under the railway line and drop down to Cragg Road.
If you fancy a challenge, turn right and do the 5.5 mile climb to Blackstone Edge - England's longest continuous hill.
If you want to stay in the valley, turn left and head towards the centre of Mytholmroyd but cross the road and go up the ramp to Mytholmroyd station just before the railway bridge. The cycleway continues through the woods parallel to the railway line to Luddenden Foot. You can actually pick it up again along a couple of roads and carry on to Sowerby Bridge if you want to.
Another suggestion for you - there are several local bus services whose minibuses have bike racks on the back. You can use them to get you and your bike up 'on the tops' and avoid a lot of the climbing which would otherwise be involved. Phone the T.I.C. for information ((01422 843831). I especially recommend the bus to Widdop Reservoir. It's a lovely ride back.
When you get to Slack, bear right and return through Heptonstall. Call in at Towngate Tearooms cafe for refreshments and have a look around the village while you are at it. Ask someone to show you the way to Hell Hole Rocks at the back of the village for spectacular views. (You'd have to walk your bike down 20 yards of footpath between some houses. You find yourself on the edge of the old Heptonstall quarry with the hillside falling away in front of you. Fantastic views across to the distant Stoodley Pike.) This picture was taken from that footpath in winter 2009 ...