Colorado Muzzleloader is Non scoped, loose powder, and no sabots. They try to keep it sorta primitive although Inlines are allowed. You also need to have points to draw a muzzleloader tag in Colorado, as its a very limited season that runs the same as the 3rd wk of archery. But thats also a advantage if you draw a tag, becasue your odds increase. The Elk aren't pressured, and you get first gun crack at them. It usually takes a minimum of 3pts to draw. You can apply for points only, that deadline is April 4th.
Far as your planning I asked these samequestions several yrs ago. I planned mine for 3yrs prior. But I wanted to go archery. I decided being a whitetail hunter from N.Y., and knowing nothing about Elk hunting it was best to go with a full guided hunt. I had noone going with me that had any prior experience either. I have no regrets on a fully guided hunt. Sure its more expensive, but you'll find it the toughest hunting you've ever done. Mountain hunting up to 11,000 ft, and covering miles of area isn't no easy task compared to sitting in a treestand for hrs. Your in for a whole new world. The thin air alone is a big adjustment. A DIY hunt you'll have to buy all your own gear, and I suggest renting horses or mules. A drop camp is fine, most you'll need to supply your own food, do your own cooking, and chopping firewood. But your at a disadvantage if you have no elk hunting experience. You need to understand Elk, learn to call right, when, andhow. If you've ever turkey hunted its the best comparison I can give you. Elk can be as finicky as toms, or as easy. Its your hunt, and your call but if you want a good experience your first time without all the added worries, go Outfitter. Then once you gain some experience go back drop or DIY.