If you want something bigger than a cookie cutter trout in the Red Feather area, Dowdy isn't the place to go. They are in there, but you'll spend all day sorting through the little guys to find one. Look at some of the other lakes around there, most of the good ones are fly and lure only.
I haven't been there myself in about a month so I can't say how the fishing is now but yeah lots of smaller fish however there are bigger ones in there. For bigger fish in the area on average it's parvin so pack some flies and lures.