Ok, I'm not entirely clear on what you're asking, so let me know if I have the picture straight. You are arriving in SFO late on Tuesday, have an early morning flight booked for Wednesday. You are checking luggage and want to leave your bag at baggage claim overnight instead of picking it up after your Tuesday flight. Correct?

If that's the case:

You are free to not pick up your bag at baggage claim, but that leaves it open to be misplaced or (even worse) stolen.

You can do online check-in for the Wed flight starting Tuesday 6am, so you can print your SFO-ORD-DEN-SMF BPs at that time. You have to leave the secure area no matter what to retrieve your bag, so you will have to reclear security after you pick up your bag and will probably need to check it on Wed morning. OLCI only asks if you're going to check a bag, you're still going to need to go to the counter. I am not sure I understand why you're checking a bag if your only goal here is to fly on the 747.

So long as you're flying COS-DEN-SFO, you don't have a choice as far as latest flight - it's just the latest DEN-SFO flight. Likewise I doubt you have any choice for your early Wed flight, since it's the 747 you want to fly right?