Dude, if you can go to Telluride and get 6 nights lodging and 4 lift tickets for $400, fucking GO.
Absolutely beautiful area. I've never ridden there, but it's one of my favorite spots in CO overall.
Check and see if the room has a kitchenette or at least a fridge and microwave. Even if you're just dealing with a fridge and microwave, you can eat cheap by hitting up a grocery store - just don't wait until you get to T-ride to do it. Not sure where you'd be flying into or driving from, but hit up a store in Montrose or somewhere like that and it'll be a helluva lot cheaper than anything in T-ride.
Eat a big breakfast before leaving the room, pack granola bars, trail mix and the like to hold you over on the mountain, then maybe plan on eating out a couple of times for dinner.