The second way is, IMHO, the best. Be sure to use a coding app like DreamWeaver and set "check in/check out" on so that only one person can work on any file at any given time. Using a subversion repository is also recommended; that way if anything is screwed up, you can go back to an earlier edit.
If anyone knows of a website that can offer ColdFusion help that isn't controlled by neurotic, pedantic jerks* (stackoverflow.com), please PM me with a link.
* The neurotic, pedantic jerks are not the owners; just the people who are in control of the "popularity contest".