PSE has some pretty automatic color recovery and color cast removal, but if you can get the Kelby book he has some helpful advice on the subject of color removal. I wouldn't suggest waiting for the book before you see what you can do, of course. It's too much fun to get started.

You'll get good results with the obvious methods, but laying on an adjustment layer and resetting saturation back to zero does leave independent adjustment of shadow and highlight densities as an option you don't have as easily with the "canned" conversion straight to grayscale.

I'll note that I did most of my own recoveries before I got the book, and I didn't go back and do very many over. It's just that it's even more fun getting great results (especially when there's an easy way) than just getting results.

John