I agree with most of the other comments - good stuff.
First, there is no choice between binos OR spotting scope. The choice is whether to take a spotting scope with your binos. If you aren't taking binos, you may as well stay home in my opinion - small exaggeration but not much. Unless you are bow hunting (and they're still useful then), your binos are probably your most important part of your gear. Spotting scope is never a replacement for binos. Trying to scan a large ridge 500-1000 yards away with a spotting scope it like hunting with one eye and then covering half of that eye - the field of view and work required to continually scan the ridge for a few hours would be nearly impossible with a spotting scope.
In Colorado, you typically need a bull to have 4 points on one side or a good brow tine. The spotting scope is great for that. You've located some elk and want to see if a bull is legal. It could also be good for looking for hard to see elk, bedded down on in a specific spot, on a distance ridge. They are good to have and useful depending on where you are hunting...but they are never a replacement for a good set of binos. They are really for two different purposes a lot of time.
As others have said, just get good stuff if you can. Way better to use a stock, factory gun, and good optics than a fancy custom gun on cheap optics. The cheap stuff won't work well at all in low light, and even in bright daylight it will fatigue your eyes like crazy. 15 minutes with cheap glass will have your eyes burning more than an hour staring through good stuff. If you don't plan to glass a lot, not a big problem, but usually a good amount of glassing is key. 8x or 10x is good, again depending on how far away you are looking, pros and cons to each. Even in the timber, it's good to have a small, lightweight set to scan the timber ahead since the whole game there is who detects who first, and it is amazing how much more depth you can see with binos.