Hi Dave,
I have been to Chama quite a number of times in early October. It is probably the best time to visit, because the aspens are usually very colorful, and make for great photography. There is also usually elevated ridership on the regular trains, so you might potentially see a double-header or two. Weather is generally quite nice with reasonably warm days and chilly nights. I have seen many days of completely clear weather during my visits.....BUT, you should also prepare for the outside possibility of snow. I have seen that as well. Not the really deep stuff, but enough to make driving hazardous.
If you have a winter coat/jacket that has a liner that can be removed, that's ideal. Layers are best, so you can dress up or dress down, depending on the conditions. Even if the days are warm, the nights will be chilly. Of course, you might not want to wear your best winter coat in the cab of a steam engine, lest you end up with cinder burns on it. The cab should be warm enough without the coat. Wear the coat when riding in an open gondola. Also, I would wear boots. I suspect that your school will require them anyway, but you will want decent footwear, just in case you need to tromp through several inches of the white stuff.
With regard to hearing protection, just get yourself several pairs of the foam earplugs that are available at any Home Depot or Lowes. Those will screen out the worst of the noise and still allow you to hear your crewmates in the cab. I think that is what most engine crews use. I would stay away from the headphone-type hearing protectors. They are too bulky. You can stash earplugs in your pocket when you don't need them.
/Kevin Madore