This is a system administration issue and not necessarily something you'd attempt to solve via code. ColdFusion (Adobe, Railo, and OpenBD) have the ability to pool connections (they all use the same MySQL DB Driver). If you're constantly reaching your max connection value, then maybe consider using pooled connections instead of using a new connection for each query you're running.
If your host will not allow you to use pooled connections, or is unwilling to work with you, then maybe it's time to invest in a VPS. With a VPS, your database is usually hosted on your VPS, and you're able to configure connections and pooling however you need to for your app.
Here's an article from Adobe that talks about Connection Pooling and database interaction with Adobe ColdFusion:
http://helpx.adobe.com/coldfusion/kb/database-connections-handled-coldfusion.html
HTH