Createsean - I'll go with Flores on this. If you use the options in the camera for B&W - they're quite limited.
If you get the best colour image you can, as Flores says, you do have the colour version to show folk who "prefer colour shots".
If you do camera JPEG, it's a 'lossy' format, so convert that to PSD or TIFF (lossless) - before working on it.
However, you're better to do RAW, trim-up the WB, etc, then save to TIFF. If you do 16-bit TIFF it leaves you more options in Photoshop, but 8-bit is quite usable.
I'm using Photoshop 7 (in Wine in Linux) - but the later CS versions will probably have even more options-choices.
You can use Channel Mixer, Levels and Curves. All 3 can address the RGB channels separately.
You might begin with Channel Mixer. Open that and in the dialog (bottom left in PS 7) - there's a check-box marked Monochrome. Tick that - and you can now use the sliders to adjust the R-G-B Channels separately.
You can get it "nearly right" - Save, then use Levels and Curves to fine-tune the midrange, shadows, depth, so on. You can do an interim Save between Tools, and go back to say, Channel Mixer, for more tweaking.
At any point where the image is "about right", or you like it, but also might like to try more options - you can do a 'Save As" - filename_1.tiff, filename_2.tiff, so on.
If you Google, there are many Tutorials on doing this, available.
Gimp users might note - there is now a Gimp Plugin with many, many, very detailed functions for image processing. G'MIC has 15 Sections, each with a list of options, many dialogs with sliders, etc, using, so far, 193 Filters. Also has Effects - mirror image, put image on sides of a 3D cube, and more.
It's available for Gimp in Windows 32-bit, Mac-Intel 32-bit (Leopard or Snow Leopard), and Linux 32 and 64 bit.
Google the G'MIC Site for info and shots of what it does.