The altitude is the climb: pace the thin air, not the grade
The thing that actually makes Cloudcroft hard is something you cannot see on a course map: you spend the entire day near 8,600 feet. The rail-bed grades are gentle and runnable, which fools a lot of low-altitude runners into going out too hard early because nothing feels steep. Then the thin air catches up and the back half gets ugly. If you live near sea level, treat the whole first half like a tempo you could hold a conversation through, and let the altitude set your ceiling.
Out and back means the early miles you cruise on the way out are the same miles you grind on the way home. Bank that in your head. The trail itself is friendly, but the air is doing quiet work on you the entire time, so the runners who finish strong are the ones who respected it from the gun.