Digital BW, The Print

Hi,

I hope this question isn't too common.  I searched but didn't find
anything too relevant.  I am also a newbie as far as B&W printing is
concerned, so I apologize in advance for my ignorance.

I want to purchase a printer/ink system exclusively for B&W printing.
 I already have a color printer that I am very happy with (an Epson
R1900 that I got at a great price from a friend).  However it only has
one black cartridge so the B&W output is not very good.

I have an unused Epson 1270 lying around and have read a little on
Paul Roark's website about using the MIS Ultra Tone FS inks with this
printer.  Do you think this is a good way to go?  Are there other 
used printers to look for instead that would be significantly better?

I am willing to spend up to $500 for a B&W printer if necessary, but
thought that with this printer (or another inexpensive used or
refurbed printer) I could spend the money on ink and paper instead. 

Any comments would be appreciated.

Thanks.

Marty