The method I use is this. It can be a real PIA to have to keep changing the setting back and forth depending on if you are printing color.
So I would recommend setting up two printers in control panel. One that is set to print in color and the other which is set to print in black and white. Most color printers also have a black and white only driver for this purpose. Make the black and white printer setting the default printer and then you can select the color printer version when you need it. I'll see if I can find some images to include.