I have the Ambient Weather WS-2902C and live in a typical suburb in Denver, where houses are relatively close to each other. I can either mount the station on the roof, likely only 3-4 ft above the roofline (too much higher and I likely have HOA on my arse). Or I can mount it on a shed where it won't be the highest object. Seems like the shed would be the better option, I won't have accurate wind but temp and rain should be fine.

Thoughts? I know the Vantage Pro 2 would give me separate sensors and fix my issue but I got the WS for $140 and would like to stay in that price range.

My WS-2000 is on my garage roof but I can reach it relatively easily for maintenance. That should probably be your #1 concern. Your second option doesn't sound too bad but as you mention, you're probably going to have issues with wind readings. But getting decent wind readings in a suburban setting is extremely difficult to impossible much of the time.

Go for the best site you can find that allows reasonable access for maintenance would be my recommendation.