Hey - a next door (state) neighbor here. Not sure what part of CO in which you are located, but 3 acres of bluegrass sounds like a lot of wasted water to me. Attached is a publication from Kansas State University on buffalograss. Might answer some of your questions.
hortster

Here is a link that might be useful: Info on buffalograss

I grow Tatanka as a front lawn, and my neighbor grows Cody. Tatanka seems to fill in better and is more chinch bug resistant than Cody, but Tatanka is no longer available commercially. I find the color pretty good, especially when fertilized, and I don't water it except like recently when we've had over a month of 100 degree temps and no rain at all (you don't have to water it for survival, it'll go dormant and then come back). It makes the softest carpet around when it gets established; my kids talk about coming home to walk barefoot in the grass.

Be aware, though that a buffalograss lawn is not "no-maintainence. It's easier than bluegrass and will fill in the bare patches, but you do need to spray or burn occasionally to keep it weed free.

Here is a link that might be useful: Garden Musings

We have wild buffalo grass growing in lawn in central Texas near Waco. It is slowly spreading. We love it. The mowing keeps weeds to a minimum. We do nothing to it other than mow. Rainfall here varies from 24-34"/yr. It is not as dark a green as some grasses. If planting from seed you will need to water.