IIS Express works well with ASP.NET and PHP applications (IIS Express Overview : The Official Microsoft IIS Site). ColdFusion is not tested with IIS express so far. You may try to use it and can explore the web/Adobe Forums, in case you face any issue.
As I have mentioned, I have used ColdFusion's Web Server Configuration Tool to configure website on IIS. Could you please enumerate the steps that the tool takes to configure IIS for ColdFusion. I know it creates 2 virtual directories (namely CFIDE & Jakarta) and adds handlers to applicationHost.config. I followed the same on IIS Express manually, but couldn't get it working.
Here is the error I am getting:
HTTP Error 404.3 - Not Found
The page you are requesting cannot be served because of the extension configuration. If the page is a script, add a handler. If the file should be downloaded, add a MIME map.