Kathy,
We just got back and because of an Italian holiday and a Sunday -- and our own travel schedule, we had to do the Colosseum and the Vatican on the same day. It was a long day, but not horrible. If you can do one each day, though, that's optimal. There were six of us - me and my wife, our three adult children and our daughter's beloved. Each person in the group commented how terrific the live guide for the Colosseum was.
I recommend a tour guide for the Colosseum for two reasons... It's a sprawling site if you see the arena, Palatine Hill and the Forum - and all are worth the singular effort. Our guide - besides being very informative - was also a very able navigator who skipped us through the lines at the arena and then guided us ably through the entire site. The second reason I recommend a guide is that you get immediate response to answers you may have.
We did the Colosseum in the morning - the tour met at, I think, 9:30 across from the Colosseum. And the Vatican in the afternoon. Our skip-the-line tickets were for 14:30.
If you do that, I recommend what we did... Have lunch right across the street from the Colosseum at one of a couple of touristy places. It wasn't our most memorable meal, but they move people through. The food was good enough, and we were ready for the Vatican. THEN take a cab from there to the Vatican. While you could walk, you'll be doing enough of that for the day. The cab gets you to the right spot (if you are also skipping the Vatican lines -- and I HEARTILY recommend that by buying tickets in advance) so you don't wander around wondering for the right place to be.
We used audio guides for the Vatican. Why? It enabled each of us to go at our own pace, and take time at the things that interested us without being obligated to the group. With the throngs, we absolutely got split up - all five of us. But each wound up enjoying the tour. Our oldest son found his way to the dome - and paid the extra euros for it when he was at the entrance to the dome, as I understand him. He was very, very pleased to have had that experience. Our youngest son passed entirely on St. Peter's and headed for beers. He was also very pleased.
Interestingly, our youngest sat through the audioguide's info about the Sistine Chapel, and then through Rick's audio tour. He liked Rick's way better - but enjoyed the Sistine Chapel, it seems, more than any of us others...
Speaking of St Peter's, Rick's guidebook suggests tagging along with a tour group to get the "secret" route to St. Peter's. When we were there in June, the guard at the exit to the Sistine Chapel was sending people over to the secret route... "Go to St. Peter's that way!" He practically admonished anyone who thought about leaving sooner. So, other than the fact that we waded through the Vatican Museums and the Chapel to get to St. Peter's, it was easy-peasy.
Have fun!