THere's another starbucks at Hwy 93 and Washington, it's just a convenient location, you don't have to make your way through town.
Yeah, unless you really want an extra lots-of-miles of flat riding, drive. Lookout is a short climb, that doesn't really get you into the mountains, it gets you to mountain suburbs. The other loop gets you to the mountains, and has some beautiful views and a big aspen forest at the top of GG canyon that is probably amazing right now. I just got back from the Peak to Peak farther north from there, and it was great.