Digital BW, The Print

Hello. Great forum. Here is a cynical newbie question regarding 
general workflow. 

Is it possible to create final on-screen images without utilizing 
print proofs? In other words, with a calibrated monitor is it safe to 
do your Photoshop work and confidently trust that you can later 
define a suitable printer-profile/ICC profile to produce printed 
output that closely matches the screen?

Of course you would only want to make the profile adjustments once
and 
have them work for your entire body of images, rather than just for
a single image. Am I really asking if ICC standards work at all?

Relevant info:
1. I haven't yet purchased a printer or made the religious commitment 
to inks.
2. Yes, I "trust" my monitor (NEC MultiSync LCD1525x flat panel with 
analog/DVI inputs).
3. I want to develop my photoshop skills and build a small body of
B&W work which will then "tell" me what my printing needs will be.

Suggestions for monitor calibration for B&W work would be welcome too.

Thanks.

Dean Ritz
Missoula, Montana
dritz@...