Digital BW, The Print

What a wonderful forum you all have. I am just getting started with 
monochrome inks and could use some advice as I move in that direction. 
If I wish to dedicate one printer for color and one for B&W., should I 
begin printing B$W on my 5 color Epson photo stylus 750 and get a new 
color printer with the latest options, or should I keep the 750 for 
color and acquire a new printer for B&W? 
 
My goal is to produce the best B&W prints possible.  I have heard many 
good comments about the Epson 1160 for monochrome which I can get 
through e-bay factory reconditioned.  I have not heard much talk of a 
new generation printer that is better for B&W.  Now that Lyson has a 
chip programmer it seems that ink compatability is not as much as a 
problem.  Can anyone reccommend a printer under $500 that is better 
than the 1160?  Any thoughts would be appreciated.

Thanks,  Stephen Gross  Boston