You should start putting in for CO this year; no chance of drawing a tag until after three years, but you can build pref points every year and still draw a ewe tag as a second choice. I did that twice. Drawing a ram tag however, could take many years. Pretty expensive ewe tag also at around $2000, but it is still sheep hunting and you will be scouting your ram unit at the same time. Each season is about 10-14 days long.
MT ewe tag WAS a much better deal at only $750 and not too hard to draw, until last year. Now is about double that but the season is much longer (two months I think and there is an archery only season at beginning) and if you hunt it later, like in early October, you get the bonus of seeing some awesome Rams in the rut. I did that once and could have easily killed a ram as they were butting heads and kicking each other in the jewels, but the ewes stayed safely out of my effective range.