I think you may be a little off with the age of the Elizabeth bur. 1840 at 71.
Assuming the last child was Margaret ( 1812 ) then she would have been 43
which would be OK.
However my problem is I have two other Elizabeths besides the one above born 1769 ( if the date at death is correct ! )
Elisabeth Challoner we know bap. 1772 in Stoke on Tern who I assume rightly or wrongly married Richard in Jan. 1788 at 15 or 16. First child Jacob Dec. 1788 . This is the Elizabeth I think died 1792 in Madeley.
The other positive listing is on the '1821' Wellington Parish Census which is the only census where Richard and an Elizabeth appear together viz.
Wellington - Ragfield
Richard Colley 58 labourer in trade
Jane. 14. ( think this should be 12 )
Richard's age looks right ie. Born 1763
Elizabeth's age means born 1766 older in fact than Elizabeth Challoner ?
So we have now three Elizabeths 1766, 1772 and 1769
Will we ever find out the truth ?
STAFFS: Hodgkins, Hughes, Ford, H/Orton, Sharratt, Burns, Devonport, Lambsdale, Law, Mitton, Meek. Obburton
SHROP: Bird, Colley, Parton, Cock.
WORCS: Knowles, Adams, Evans, Wanklin, Edwards, Harvett, Potter.
NORTHANTS: Betts, Clark
BERKS: Cross, Preston, Orpwood, Banister, Celly/Colly, Wildblood, Bond.
BEDS: Carver, Merrington.
OXFORD: Edwards, Maizey, Hanwell, Laurence