It certainly could come up again this season. The reservoir has only dumped about half it's load from this year's melt, and they generally take it down to near the same level every winter.
I'm not sure what the lower run is like. Immediately below the South Fork Conejos foot bridge the river spreads out into a big wetland area with beaver dams and it looked like a barbwire fence. I think the lower run has a lower launch site. I saw some videos of canoes on it on youtube. The run from below Platoro to the SF trailhead could be done as an overnighter. You could get pretty much any kayak down it, probably small rafts too (like mini-me small), but there aren't a lot of great campsites in the wilderness. There are some on river right, but the road parallels the river fairly close until the Pinnacle Gorge. Once in the gorge sites would be limited by the vertical walls.
First time we did it we camped at Lake Fork campground, which also made a nice lunch stop a little under half way down.
Biggest issue with camping gear would be the fact that you hike out around a quarter mile and approximately 300-400 vertical feet.