Glen,
This is an issue I thought about quite a bit during my years at the Loop. I think the main reason switchbacks were not used between Georgetown and Silver Plume was that is was initially planned to be a through route between Denver and Leadville, and switchbacks are not conducive to mainline operations.
However, I also feel the point I've seen made that the terrain between Georgetown and Silver Plume could not accommodate a switchback (or switchbacks) is inaccurate. In fact, before the high bridge was rebuilt consideration was given to putting in a switchback to avoid the seemingly insurmountable (at the time) cost of the bridge. The topography in the area in fact offers an almost natural grade for a switchback between the Hall Tunnel area and what is now the Devils Gate terminal. So, the inevitable conclusion is the RR didn't want a switchback on their mainline and the Loop was born.
Phil