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If you need to print in color, you don't need to go into those preferences to do so.
Just click PROPERTIES (or the equivalent) on the dialog box that comes up when you start to print. Set to color printing there, and it will only print in color while you have that document (text and/or image) open.
If you want to print that same document in color later, just do a CTRL + S (= save) before you close that document, and it will always be printed in color. Otherwise, leave it alone, and you'll print in B&W unless you change the settings.
I've found I can greatly extend the life of my cartridges, by simply cleaning them with a Q-tip and distilled water when they start to streak. Even though I have to print out a test page (my HP printer automatically prints a page to calibrate), it still lets me use the ink cartridges MUCH longer.
As someone else mentioned, draft mode will save you a lot of ink/money, too. Change the printer settings as you suggested, except be sure to select DRAFT (or its equivalent), as well as grayscale.
Finally, be sure to set your browser so it will NOT print background images. In Firefox, the steps are File > Page Setup, then UNCHECK "Print background (colors & images)". The steps are similar in IE and Opera. :)
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