I think you can roll with one of Colabello or Smoak as a 1B (cut ties with the other), and then have Bautista DH or play 1st for a bunch of the games and have the 1B sit. This seems like a sensible approach to slowly get him to become a first baseman and seems realistic but not what I would do.
People may not agree with this, and I love Bautista, but going hard after Jason Heyward for RF is what would be my #1 priority this offseason. Not Price, not Greinke, Upton, etc. I'd bust the bank for Heyward and move Bautista to 1st. Might be an unpopular opinion but that's in the Jays' best interest IMO.