Well I just discovered, by complete accident, that the amount of territory you can colonize is not limited by your colonist count. Having played this game from launch, spent countless hours on the EU4 wiki, and read more EU4 AARs than I care to remember, I just NOW (at the end of 2014) realized that hitting the "recall" button on a colony-under-construction does not abandon the colony itself. And I was wondering how it could be even remotely possible to play a historic Spanish colonial game with only 2-3 colonists available. I think I'm the biggest idiot in the history of this game.