You stumped me with that one, Caine. I had never even heard the term "flanged ammunition" until your post.
I consulted with Bren, a Glock Talk regular. Bren is an attorney who works in the criminal justice area in Kentucky, and I consider him Glock Talk's resident expert on Kentucky law. He confirms that the law exists.
I get the impression that it was a legislative knee-jerk reaction to the Black Talon controversy back in the Nineties. Bren's take is: don't worry about it. The law as written makes it an additional crime to use such ammunition while committing another crime, explains Bren, and does not prohibit the possession, carry, or use of this ammunition.
What it does do is piggyback another conviction on you, should you be wrongfully convicted after using your gun in self-defense. In that situation, of course, you'd have a lot more to worry about. For my part, I'll continue to carry Ranger-T in my 9mm, or Ranger-T or HST in my .45, when passing through Kentucky.
Many thanks to Bren for the consult and the wise advice, and thanks to Caine for bringing it up. I learned something here.
best to all,