4x4 and txhunter have given some good things to get started with. IMHO, you're in an odd place with points. 5 is enough to make me think twice about blowing them by going halfway on either elk or deer, and you're not in range of drawing a super premium unit for either animal. Don't get me wrong, with some research and work those points can get you an excellent specimen. I hunted both at the same time two years ago and regret it as I just had to much second guessing rolling around in my head and didn't fill either tag.
Back to back hunts will be tough unless you have the time to hunt both in archery, or archery + muzz. After archery season, Colorado leaves 3-5 days between hunts so you've sorta killed an extra work week waiting for the next season to start...which is hard for a lot of NR folks to do with the expense of time off, travel, etc. 2nd and 3rd rifle are combined hunts so if you find a unit you like, you can draw both tags same season.
If it were me personally, I would do as 4x4 suggested and look for the best deer unit I could draw with 5 in an OTC elk area. And maybe save my elk points for a future hunt. You could flip that around and see if you can find a 5 point elk unit that draws deer second chance or leftover. But that is just my $0.02 and your mileage may vary. If you want to hunt 'em both, it can certainly be done but it'll run you ragged.
What you're going to need is a big kitchen table ;-). Start out with the hunt draw odds on this site...if you don't specify a unit or weapon it will spit out everything by species and you can see how your elk and deer draw odds line up.
Then I'd pop over the pref points and hunt summary statistics at the DOW site and grab those
http://wildlife.state.co.us/Hunting/BigGame/Statistics/Pages/Statistics.aspx
Next, download the Big Game Hunt guides here:
http://wildlife.state.co.us/Hunting/BigGame/HuntGuides/Pages/BigGameHuntingGuides.aspx
And here's the link to GMU unit maps so you can have a virtual look around.
http://wildlife.state.co.us/Hunting/Pages/GMUnitMaps.aspx
Smear all that stuff around the kitchen table and grab a couple highlighters and a pencil and then the real fun starts. That's probably not the concise answer you wanted to hear, but it's a necessary precursor to walking in the woods in the fall.