If anything, becoming libertarian/socially liberal would make it worse for them. NM/NV are trending D because of Hispanic vote. I don't see CO ever becoming a lean or solid D state like NM.
I don't know if it's fair to say it's entirely the Hispanic vote
(though given the current overall white vote in CO, it's clearly the decisive factor right now). What are Millennial voting patterns in Colorado? I looked up exit polls for 2012 and neither NYT or CNN had any exit polls from Millennials, yet had it for everyone else. Not sure why that is.