I just got off the phone with SSBC tech support. Heres what they said.
The rear conversion kit (A117-14, cost 1300$CDN) can be installed on the colorado with no issues to report (no issues with lifted trucks either).
The catch is you also need to change teh front brakes if you install this kit, since your rear brakes will now be larger than your front brakes. Now here is the downer the front brakes (A117-12) cost 1650$CDN. For a grand total of 2950$ before tax (or install cost if need be), ouch!
I guess I'll be putting my plans for these brakes on hold for a little while.