I just read through a few of the Colorado statutes. I don’t think there’s any specific law about whether or not you can be in possession of a firearm while accompanying a hunter on a hunt.
However, the definition of “hunting” is written so broadly that I’m sure a warden could stick it to you if they felt like you were trying to poach. I’d probably not do it even though it’s likely not violating a specific rule on the topic.
You still have the basic hunting license right? I don’t know CO rules but in NM there are still a lot of small game and birds you can hunt while accompanying an elk hunter. I’d expect it’s the same there.
You should also look for OTC tags like bear.