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There is not enough data here for us to help you, and in any event much of the data is already available to you (online or in the owner's manual).
What is the towing capacity of truck per the owner's manual vs what are you towing? Whatever it is, you don't want to exceed 80% of the truck's capacity. There are those who say that manufacturers hype the towing capacity as a bragging point, and you shouldn't really trust it. I don't know about that, but I'm not convinced those companies have my best interest at heart.
I've said elsewhere in this forum that wheelbase is critical. Wheelbase minimizes fishtailing. "Is it big enough" should be thought of in terms of wheelbase and towing-vehicle weight, not engine size. Just make sure you have enough engine to get over the terrain you plan on crossing. Pontoon boats have big sail-plane areas so cross-winds and 18-wheelers will push you around. White-knuckle driving gets old really fast when the tail is wagging the dog!
I think the Chevy Colorado is a 6-cylinder small pickup. I don't know what you're thinking of towing, but I know its not big enough to tow my 2575 I/O Bennington for long distances in a safe manner. Too short, too light, not enough power.
Remember, pulling the boat down a straight flat road is not what you need to be concerned with. Its emergency stopping or maneuvering that is critical. Make sure your towing vehicle is up to the worst-case scenario.
Also, make sure that small engine is set up for towing. Transmission cooler etc.