Totally changed my mind on the pattern. Plan is now:

Total rounds each color:
30-50 rds orange
10 rds grey
5 rds orange
15 rds grey
7-10 rds orange

CO 108 sts
K2 P2 in orange for 39 rds
K1 rd orange plain, placing markers every 18 sts
Knit 10 rds decrease repeats (3 repeats plus one rd)
K 2 rds grey plain
K 8 rds grey decreases (2 reps plus 2 rds)
K 1 rd orange
K 4 rds orange decreases (1 repeat plus one round)
K 2 Rd grey
Work 13 rds (4 repeats plus one round) of decreases in grey
k2 rds orange
Knit 5 rds (1 repeat plus one rd) of decreases in orange
Close up the hat

The cone decreases were too fast, let’s try this again:
Total rounds each color:
60 rds orange
20 rds grey
10 rds orange
30 rds grey
14-20 rds orange

CO 108 sts
K2 P2 in orange for 39 rds
K2 rd orange plain, placing markers every 18 sts
Knit 9 rds decrease repeats (1 repeat plus 4 rds)
K 1 rds grey plain
K 19 rds grey decreases (3 reps plus 4 rds)
K 1 rd orange
K 9 rds orange decreases (1 repeat plus 4 rounds)
K 1 Rd grey
Work 29 rds (4 repeats plus 4 rounds) of decreases in grey
k1 rd orange
Knit 13 rds (2 repeat plus 3 rd) of decreases in orange
Close up the hat

Decrease rds
1. Ssk, Knit to marker Repeat from.
2-5 Knit