Diest, it sounds like nuth'n but a thing... but the truth is, a statewide initiative process is a monster to pull off.
You quote the signature requirements for Colorado at 86,000. What you may not realize is that the target number of signatures would be about 125,000 (conservatively) so that you cover the invalid/unregistered signatures, at an operation cost of about $2.50 per signature. (It would be about $5.00 per signature in California. Unsure what the sig. requirement is in CA now. I have been out of it for about 12 years.)
During the 20 years I spent disfellowshipped, one of my many career ventures was to help manage these signature gathering campaigns all over the country. By teaming up with Rick Arnold at National Voter Outreach in Carson City, David Morris with Voters Choice in Wash., D.C., we did several of these jobs. Most of my jobs were contracts with U.S. Term Limits, various communications initiatives and a handful of gambling initiatives.
We failed on a couple of them even after the proponant dumped tons of money into the effort. Even bringing in professional signature gatherers was no gurantee of success.
Bottom line is, it not just something you can throw together. Rick at NVO has a nice pamphlet that shows the steps and details for such an operation.
Not trying to go wee-wee on your party, and I'm not saying it can't be done. Trust me, it CAN!
But it's hard, hard, hard and it ain't cheap.