Everyone has the same odds in NM, perhaps put in for a great unit as a 1st choice, and decent/good unit in norther NM as a 2nd choice, perhaps you'll draw either tag...
I'd stay out of wolf/griz country as #'s of elk are hurting.
I think you can buy CO elk tags OTC esp for archery? so that could leave you as a backup plan case you don't draw a tag somewhere else...?
You may just want to put in for a good unit in NM as a 1st choice, ie not a great unit as a 1st choice.
If you do your research, take a look at draw odds, and success rates, ie a unit with 90% kill vs. another with 20% kill, could sway your choice.