Peano's method and a modified version of Corbin's will give you the most control. You can even make large changes after saving, closing, and reopening.
The "magic" is Peano's that goes unmentioned is that in the last step you are painting on a Layer Mask, which are active by default when you add an Adjustment Layer, instead of on the image. The Layer Mask can be re-edited at any time provided you save the file as a PSD.
Modifying Corbin's method by using a Layer Mask on the upper color layer instead of destructively erasing portions of the layer will give the same editing ability when reopening an old image. You must manually add the Layer Mask to the upper color layer (select the layer and click the Layer Mask icon at the bottom of the Layers panel is one way). You activate the Layer Mask by clicking on the mask's icon in the layer list and paint black where you want to hide the color info and reveal the B&W on the lower layer.
With either Layer Mask method, you can correct errors in your masking at any time by simply painting with the opposite color. You can also create a quick starting point by using the Magic Wand to select an area of the desired color (you'll need to dork with the wand's controls to get it to select well) before you create the Layer Mask. When a selection is active at the time the Layer Mask is created, PS will use the selection to "pre-paint" the mask.