Digital BW, The Print

To get a workflow that uses a minimum of color inks, and is fully color 
managed, would be a lot more complex (also expensive). You would need a 
good CMYK RIP (or driver) and a CMYK profiling hardware/software 
package that lets you control the black generation (completely). This 
is best done with multiple black (gray) inks and the CMY. If you have 
enough channels (the DaVinci comes to mind), then you can have 5 
black/gray plus CcMmYRB (or other combinations). Again control of the 
black channel is the key. The more black/gray inks (within reason) the 
better the results. With fewer inks, you need to get creative to get a 
good reproduction in the highlights.