Per Adams' methodologiy, as espoused in "the Negative", were you to accurately establish an EI (based on a density of .1 above Fb+fog), and establish a development time based on the desired contrast index your process needs, as well as N- and N+ times; followed by accurate exposure; previsualisation and the use of spot meter. You'd be damn surprised at how good (and accurate to your pre visualised concept) a b&w negative can be.
Adams' methods are not complex, and the testing required takes very little time, it's a worthwhile investment to maximize the benefits of using b&w film. Color film really has no ability to do N- or N+, the 3:15 development time is fixed. Longer development also brings funky color crossover issues, and under developement just looks bad. If your subject can fit within the dynamic range of color film, I guess it's ok, but I'd love to swap prints with you and see just how they really look in person and compare them to "real" b&w prints printed optically or contact printed.
The response of color films is frequently (almost always) tweaked significantly to tailor the colors to the deisred end result. It's about the farthest from linear as you can get, as far as accurate tonality is concerned. Maybe not as much of an issue shooting 35mm or MF, but when I'm shooting 8x10 (or larger...), I'm doing so for better tonal reproduction, not just to reduce grain.
Not to mention the relative costs involved, 160NC is around $9 a sheet, compared to around 3 or 4 for b&w film. Not an insignificant difference, especially when one looks at the processing costs involved. My internal billing rate for C41 8x10 is $8.50 a sheet, for b&w it's $3.50, reflecting actual costs + markup (my processing business bills the processing to the studio which I am a partner in). All chemistry other than C41 bleach is used 1 shot and consistent sheet to sheet, day to day. For a typical day out shooting for personal enjoyment, I may use 8 to 10 rolls of 120 filim, and at least 10 sheets of 8x10 film. The cost difference alone would be in the neighborhood of $50-100.
The downsides are no control over negative contrast, no ability to tailor CI to either optical printing or scanning, far less tonality in the image, as well as not having the abillity to archivally process the negatives for long term storage (C41 films are dye coupler based, and fade).
The positives? well I guess I dont' have to think about the image beforehand, and can filter to my hearts content after the fact.
So, realistically, and based on the above facts, which choice would you make in my postion coreduo ?