As a native New Mexican (who would possibly take a tooth or two out of a few of you for defaming my state

), it's all in what you make of it.
Durango, eh. Silverton is pretty cool, Ouray is totally awesome. If you want the train, if the C&TS is running, it's far better scenery, and the money doesn't go to a rich dude in Florida. Canyonlands are awesome (Bryce, Zion, and others). Chama is absolutely beautiful (especially this time of year). Canyon de chelly is really, really cool. The reservation is pretty neat if you ask me, but then I enjoy travelling to third world countries. Skip Santa Fe, it's a uber-touristy jet-set town. Taos is neat (especially if you drive to the Ski Valley and can hike into Williams Lake--doable this time of year with snowshoes or skis, but not bad with boots).
Don't make too much of an itenerary, if you see a road that looks like it goes someplace cool, take it. And US550 is totally weak, it might as well be an interstate. Unless you take it to get to Dulce, there's pretty country in there. If you can get the old Taos highway into Espanola you'll really see some beautiful stuff, Embudo is looking real nice lately. But Taos is probably too far if you're trying to do all that.
And make sure you drive back into ABQ at night, Jim Glaser didn't write a song about the lights of Albuquerque for nothing.
And Angelfire is beautiful, you should try to get there if at all possible. Drop a line if you want to get real food in ABQ, gringo food sucks.
There's a lot to see out here. I've seen the vast majority of the world, and I'm not sure that I would want to live anywhere else.
Dan