The conditions are pretty much the same all over the southwest in regards to weather, storms, bugs and water.
The rain in CO is very similar to what you are familiar with in NM, the short PM monsoon.
There really aren't many bugs unless you insist on sleeping 10' from slow-moving water. I wouldn't think a bug net is required.
It's pretty easy to get above treeline here in CO,and the average elevation of the CT is near 10k' ASL, so if you can pitch a tarp with out trees, I think you'll be fine. Otherwise, I'd look really hard at the sublite.