You can call CO and change the routing at no charge to one that better suits your plans. Of course, the 11:28pm arrival may be the only valid routing now, but you can play around on CO.com to see if there is a better one. You are always entitled to "reject" a schedule change and either (1) propose alternate flights, or (2) request a complete refund.

In that case, your options for upgrading are (1) use OnePass miles - 7,500 o/w for an upgrade from a "Y" fare, subject to availability, or (2) you will get a free upgrade as early as 24 hours prior to departure, after ALL eligible elite members have been upgraded. #2 is highly unlikely, but possible.