It is important to understand why you want to downscale (because of output medium or because of file size?). As SF pointed out, colors/grayscale are somewhat interchangeable with resolution. If it is only about file size losless/lossy compression is also worth to look at..
The other thing is to understand a bit of the characteristics of your source image. For instance, if the source image is rasterized (as for newspaper images) you may get akward patterns because the dot-matrix is messed up. I have once tried to restore an old news-paper image, and I found it a lot of work. I ended up converting it to gray scale first before enhancing the image.
I suggest to experiment a bit with VIPS or Irfanview to find the best results (i.e. what is the effect of a certain resampling algorithm on your image quality). The reason for these programs (over i.e. Photoshop) is that you can experiment with GUI/command line while being aware of name/parameters of the algorithms behind it. With VIPS you can control most if not all parameters.
[Edit]
TiffDump (supplied with LibTiff binaries) is a valuable source of information. It will tell you about byte ordering etc. What I did was to start with a known image. For instance, LibTIFF.NET comes with many test images, including b&w (some with 0=black, some with 1=black). [/Edit]