Ironically, I think it's likely that you *overpressed* it at the beginning. A lot of people think that pressing is to expel whey. It's not. The whey will drain out without any help from you (if you cheddar curds you can see that process first hand!). Pressing is simply to knit the curds. If you press too much at the beginning the rind knits together and stops the cheese from draining. No matter how much you press, the whey is trapped on the inside. If there isn't enough salt to stop the starter culture from continuing to eat up the lactose in the whey, you end up with an acidic cheese that's wet and crumbly on the inside (which appears to be the problem). I've found that Gianaclis Caldwell's instructions of pressing are right on: Only press enough for whey to bead on the outside of the mold like beads of sweat. If the whey is running, then you are pressing too hard. After a few hours, you will find that most of the whey has come out and the cheese isn't shrinking any more. At that point you can put as much weight on it as you want. However, if the rind is closed, then you are only closing up mechanical holes on the inside -- and for a colby, my personal feeling is that it isn't necessary. So you can get away with a *lot* less weight than you might imagine.
As for what to do with it how... If you have the means to vacuum pack it, I would do so and leave it for another 2 months or so. I think it will improve quite a bit. Or you can use it in cooking for things where a fresh acidic cheese works well (Mexican dishes have a lot of such opportunities).
