Ok, I'll chime in and give you my thoughts about the area. I have visited Punta Colorada a number of times but in the months of October and November. I try to steer away from the later months due to the north winds and cooler water BUT that's not to say you won't catch a "Record Rooster".
If you're going to be on foot, I would spend sometime fishing north side of the hotel in the rocks. I think it was the third point that we found some good fishing but the points in between weren't slouch holes either. There were alot of pomps, mex. lookdown, lady fish and some cabrilla. We did get some decent size roosters from the beach area around the hotel. As a matter of fact, right at the bottom of the stairs from where you catch your shuttle boat in the mornings, we had a 24lb rooster caught within 40' from the beach. The south side of the hotel was the best fishing for the roosters, jacks, lady fish and sierra's. It was amazing to see a few hundred lady's daisy chainning within 70' from our position on the beach.
If you hooked on and dropped it, another one would come along and pick up the fly. Love the way they run and jump like tarpon.

The flies we were using was of course the SHB Sardina pattern, small surf candies and some decievers. The rods I was using were 7 and 8 wts. but it could get tough throwing into a wind. I don't use panga's anymore at Punta Colorada due to the fact the way they launch from the beach and transfer. We had a couple people launched and I didn't feel like getting a law suit on some else's behalf. I planned on a beach group this year in October but knee surgery is keeping me home.

I would prefer fishing the Las Arenas/Cerralvo Island area anyday. Better fishing waters, more structure to fish - if that's your game and shorter boat rides to the fish. And like this year, we had the bait there, where as the East Cape area was scratching for bait everyday.

Just my opinion and 2 cents worth

Jay