I haven't hiked along the Colorado Trail, but have done numerous backpacking adventures throughout Lost Creek. I've never used bear bags or canisters, and haven't had an issue so far. Neither bear nor critter has disturbed my food. With that being said, I will begin using the ursack on my next trip. Even though I've never had a bad experience, or for that matter never seen a bear, I know they are around. I lived in Fairplay for a couple of years, and constantly had bears knocking over my garbage outside trying to reach those tasty remains. SO I know they are around that area.
I would just play it safe and hang food. When are you planning on tackling the CT? And where are you going to start? I'm hoping to make an early trip, May 8th, and get through the first 3 segments. Hopefully the weather permits.