I'd start the project and see. Color or black & white is part of the meaning, part of the message. As such, it's also a totally different mindset for the photographer, in terms of preparation, during the shooting, in post. Same way you wouldn't approach a project the same way if you would do it in 35mm, 120 or large format.
There are things I just can't see in color, and things I do see in color I have to work on in a very different because I'm trying to convey something very different then I would if I would approach the subject in black & white. I find color very difficult in that sense.
But I can imagine not being sure. Sometimes the idea we have about the project isn't as clear as we think, or maybe the project has different aspects that could lead to one or the other. In that case, what I would do is just test before deciding. Something clear and decisive about one or the other might reveal itself. And if it does turn out that both work, well, it will have the advantage of originality. There are no rules, after all.