We just went over Cottonwood and Monarch passes last Thursday. We just did a day trip to drive the newly paved Cottonwood Pass road. They have done a great job of widening the curves compared to the old gravel road. I wouldn't hesitate to take our fifth wheel over it now. My wife said that she would use it for business trips to Crested Butte instead of Monarch, if she were still working (love that retirement!).
If you need suggestions on routes, campgrounds, or sights in that area, see the US 285 and US 50 posts on my blog
HERE.