I guess all is not lost after all...I took the original scan of the Green Ghoul from my post earlier this week and ran it through Photoshop a few times to get the color out and then cleaned up the black and white. Also, as a bonus, while I was in Photoshop I added some grayscale to the Black and White image. I'm reposting the original color for reference.
I'm still feel the black and white image is stronger on its own. I feel the dramatic contrast makes the Ghoul jumping much more frightening. The Grayscale is just okay. The black and white is my favorite. As before...it is all about the teeth. That is the part that is trying to get me. Teeth by their very nature want to bite. :-O
{Pen & Ink original scanned and manipulated in Photoshop}