This is a ripe avenue for litigation, as California had the same provision in 2003. A US District Court tossed it out as unconstitutional (the case was not appealed). San Diego is facing the same question (which may very well be tossed out there as well). This one could be another minefield for the Secretary of State and the local Clerks.
Note that the California judicial ruling (Partnoy v. Shelley) was decided on the District Court level in a different circuit, so it's not clear how much of a precedential value this ruling will have. Also, just to fill this blank in, the 2003 ruling was handed down by a Clinton-appointed Judge, so it is certainly possible that a Republican-appointed Judge would have a different holding.
Note that this isn't the first issue that has cropped up that would put Colorado directly at odds with how another state handled a tough recall question. Because these two recall are taking place against officials who last ran in a pre-redistricting seats, there was a question of which district to use for the recall (the pre-redistricting population of voters who actually elected the officials or the voters of the new district). Colorado seems to have held that it would be just the voters of the new district. Wisconsin had the same issue and came to the opposite conclusion (though Wisconsin's legislature did pass a law that mandated that finding, so not exactly the same).