Correcting footage in black and white?

[rocketguy2]

In "The DV Rebel's Guide", Stu Maschwitz covers extensive color correction in After Effects using adjustment layers. What about doing corrections for black and white footage? Should I use individual adjustment layers on each color clip to tweak shadows, highlights and midtones with levels effect, then add a master adjustment layer to create the black and white "look" for all clips? I'd also like to add some Misfire filters to age the clips. What's the best approach here? I'm using AE CS3...

Thanks!