barkeep - it's really up to you. If you're a coward like me you might want to hedge. But I don't suggest to hedge "at 100%".. here - correct me if I'm wrong - you lose 5*180 = 900$ if ever Colorado finds a way to win the series. So at +400 (if you can still find that line), you'd need to bet 225$ on the Avs to make sure you won't lose any money. However the wrong side of it is that you can't expect to win more than 275$ (instead of 500$). Depends of the size of your bankroll and the way you manage it. Maybe just bet 100$ to win 400$ so you can still win 400$ at the end and lose 400$ less if ever Colorado wins it all.
BTW if you can't find +350 or better, bet the whole 225$ (or whatver you're willing to hedge) on Colorado tonight (+160) and put all the money (initial+ winnings) on Colorado in game 7 if they win tonight. Should come to at least +350 at the end.
Good luck whatever you decide