On The outbound, you wont have to deal with customs. So 1 hour is plenty.
(assuming no weather delays).
On the inbound, immigration/customs can be cleared by US citizens pretty quick on a good day. I suggest you take the short layover. In case you get delayed, CO can always rebook you on the later 9PM flight.

I would rather take my chance and try to get home quicker than sit around in airports.