If you want a cow elk and want the chance for a really good hunt in 20 months, I suggest hunting during the muzzleloader season in CO. You should put in for a preference point this year (due Apr 01) and put in for one next year. That would give you 2 points and just about any cow tag with muzzleloader in CO can be obtained with 2 points. Points can be used in any season so if you decided to go with either a bow or a rifle you could still use the points.
As to an area, well that would be up to you to decide. I have done well on elk with a muzzleloader on Gore Pass near Kremmling (unit 15) and the area around Big Red Park north of Steamboat Springs (unit 5) but I haven't hunted either for many years. Since you are looking nearly 2 years out (very intelligent by the way) I suggest you get ahold of the big game biologists via phone at the DOW offices and start asking questions. I've used the biologists and they have provided me a lot of info. It may take a half dozen calls or so to get ahold of the right guy but phone calls are cheap in the long run.