I've paddled Pine creek from Ansonia to Blackwell several times at various water levels; camped several days and just ran it for a day trip as well. Typically I put in at Marsh Creek, but I have put in at the outfitters just above the DCNR put in at Marsh Creek. They run a shuttle, for a reasonable price considering the price of fuel and the time it takes to run this shuttle.
Owassee is a solid class 2 rapid but it's short. It essentially is just a hard left turn. There's a rock on river left and river right that forces you to go in between. I consider it an easy rapid to negotiate. There are also some standing waves towards the end that can be rather large at higher water levels.
Owassee is very well marked. You'll know you're there when you see an island. The water splits both ways. Owassee is right, there's a straight chute to the left. At higher water levels you can run the left, only real challenge is some standing waves. I've seen this area have a lot of trees clogged up, so scout it before you paddle it. If you don't want to run the rapid, you can easily portage...If you do want to run the rapid but not interested in the risk of losing your cooler of beer, walk it all down the rail trail 1 or 200 yards pas the end of the rapid, then run the boat empty. If you do take a swim, you're gear will still be nice and dry.
You can run the creek in an empty canoe down to 1.8' on the cedar run gauge. I ran it a 1.85' last march in my Aluminum Grumman. The canoe is a rock magnet so I did do some walking. I ran it at 2' with my white water canoe, loaded for 3 days of camping with no problem. Also ran it up to 5'. It makes for a quick ride. If the weather is cold, dress appropriately since there is no easy way to get out of the canyon until you hit the Tiadaghton access area.
http://www.americanwhitewater.org/content/River/detail/id/3831/#main