My wife and I went through a similar process almost two years ago and spent time researching in both states. We are also from NJ, although a little further North and West in the Sparta area.
As you already mentioned regarding Colorado, the home prices and COL were not what we expected. We were also turned off by potentially having to compete with everyone and their brother to get out of town and into the moutnains on the weekend (the Friday evening, Saturday trafic was insane, but we probably should have seen it coming in hindsight). We were also unimpressed with the housing - everything seemed to be in a development. Super liberal as already mentioned. We liked Durango, but that's obviously a lot further south, not as developed as the Denver/Front Range area and may not work for your wife employment-wise. We were also surprised by the number of homeless people in the greater Denver area (Durango, too).
We both loved all of Montana and almost moved to Missoula as my wife was one of two final candidates for a position out there, but they ended up going with the other individual. Billings seemed to be the most "conservative" of the three main areas we visited (Billings, Bozeman and Missoula - we wanted to go to some other areas a little further north like Helena but didn't have the time). Billings seemed kind of "tired" though, and reminded me of an old PA coal town like Wilkes-Barre in a lot of ways.
Bozeman was my personal favorite, but I can see where it will be getting more expensive as there was a lot of development going on, and I felt like a fair number of the people around there had a bit of an attitude - similar to what I've seen here in places like Bernardsville, Basking Ridge, Summit, etc. in NJ. There's probably some truth to the name "Bozangeles" people throw around on here. It would still be my personal pick if I could afford to just up and move anywhere I wanted though.
Missoula struck me as the most similar to some of the smaller towns around here as it had everything you could ever need but still tons of easy access to the outdoors. It was also probably the most liberal of the three areas, but I will say it also seemed to have the most vibrant sense of commmunity. It was my wife's favorite of the three main areas we visited. I feel like there were a fair number of homeless here as well, which I didn't expect.
We were also going to try and get over to Idaho up around CDA, but, once again, we just didn't have enough time.
Hope some of that helps, but you definitely need to get out there and see it for yourself.