RGB to greyscale for newsprint dot gain

I just started using Photoshop 7 from 5 and need to convert RGB scanned images to greyscale for newsprint.

I used to:
1) go into the color preferences and make the CMYK swop newsprint with a dot gain of 30%
2) open up the scanned RGB file
3) covert it to greyscale and the dot gain would be included in the new image
4) of course, you needed to remember to readjust the CMYK profile before converting something for a magazine or swop 20 print.

Now in 7, there are new color preferences and I'm not sure if I should just:
1) adjust the GRAYSCALE to 30% dot gain (in other words, don't worry about what the settings in the CMYK profile are)
2) open up the scanned RGB file
3) convert it to greyscale
4) and not to forget to change the settings for other images

Will this work, or does the greyscale still have some type of connection to what's set in the CMYK profile?

It used to be so easy and the photographs printed in the newspapers came out perfect!

Thanks in advance for any help...searched...couldn't find a definitive answer...

Load the CMYK profile that is off of your device and load it into the greyscale setting. It will load the black portion of the profile only.

Thanks Mike!

I imagine things haven't changed, so I'll need to put the profiles in BEFORE I convert from RGB to greyscale - if I don't, only the screen image will be effected, not the printing file(?).

Thanks again. I appreciate your help - and FAST response!

Robert