Tony, I have used single filter settings with a colour head, but believe that is a waste of the possibility awaiting the use of two filters at once.
Essentially, the use of two filters at once allows you to seamlessly switch between grades of contrast without having to change exposure time, to a point this is true, but for super accurate exposure this is not quite true. Which is why I posted what I did earlier in this thread.
The beauty of using two filters at once, or even single filter filtration, can and does allow you to add or detract ¼ or 1/8 increments in contrast. This may sound ludicrous, but my experience with high key printing and colour head filters, is their ability to add a contrast kick of almost immeasurable difference, but nonetheless a noticeable difference in the print. Works the same with a dedicated B&W VC head, only better.
If one has been working with single ½ grade step filters under the lens and know it well, switching to a colour head seems to be a lot of extra work for extremely little gain. In some instances switching to a colour head is a definite gain, but there is a learning curve, although I would suggest for you, a smallish learning curve.
Using a colour head with two filters for VC B&W printing was probably the best thing to happen in my darkroom, the fact I could use the same enlarger to print colour was a bonus. I don't print colour any more and although I am sometimes tempted, I doubt I'll ever print colour again.
Page three of this Ilford PDF on VC printing with various colour head filtration types, would be where I start. The Kodak filtration settings are what I would have a go with.
http://www.ilfordphoto.com/Webfiles/2006130201152306.pdf
Mick.