Digital BW, The Print

Hello, I am trying to print some old 120 negatives for a
family reunion. I have done some research on the subject,
but I have run into a problem.
I would much appreciate advice on the following:

1.) I am using an Epson 1650 with a transparency unit.
    Unfortunately my software (paintshop pro) will not
    do better than 8 bit in grayscale. Will I get better
    results using 24 bit color and a mask to get rid of
    the orange?

Thanks, Kenric Johnson