I need to scan some prints (and edit or whatever), so that my final product is an 8 bit greyscale. My scanner can be set to do this from the start. Am I best off doing it that way or scanning my usual way (color, 48) and editing in Elements (all I've got)? Or somewhere in between? I don't have the time or money to buy any new programs. The scanner is an Epson 4870 and the computer is a Macbook Pro with Elements 4.0 for Mac.
If the original print is colour, then scan in 48 bit colour, you can use the channel mixer or channel mixer plugin to get black and white, this allows you to shift the colours to get a better black and white image. This is like a black and white photographer using a coloured filter to change the image colours to get a better black and white image. If you have a favourite black and white film, you can emulate the colour response of that film. I don't know about Elements 4.0, I use The Gimp V 2.4.5, and I know there is a black and white script-fu (a type of plugin) for it, that let you emulate a particular film, with a certain filter on the "camera"
If your original is black and white, then scan at 16 bit grey scale.
Work in 16 bit as far as you can, the last step, even after sharpening should be to convert to 8 bit grey-scale.
If you want a good photo manipulating program, The Gimp is quite good, and you can't beat the price (free download) click
Here for the Mac OS-X version. The learning curve is quite steep, but you can do anything with it, that you can with Photoshop. If you want some links to howto sites or want help with it, PM me.