Hi Rob - from a fellow Epson 2100 user (that's what the 2200 is called in the UK). We use the Epson 2100 professionally in our studio and get very accurate colours and neutral greys using the standard Epson driver, and we have a lot of experience with colour fidelity and printers.
You can print using only black ink - but while this avoids colour casts it (a) does nothing to ensure that the tonal range of your print matches what you see on-screen (assuming there is a mismatch) and (b) produces low-resolution prints that look "noisy" and have a reduced tonal range compared with prints using all the inks.
So, it's best to use all the inks - the printer was never designed to produce high-quality prints using just the black cartridge. As Chris says, the Epson 2200 is not the best B+W printer (in computer years, it's definitely a pensioner now!). That said, it is possible to get reasonable B+W prints.
You're on the right track in trying to stop the printer driver from using its default automatic settings and instead set a profile in PSE (or whatever you use for printing). If you do that and, importantly, use the genuine Epson ink ad paper (and of course the matching Epson printer profile for that paper) you should get neutral prints.
The Epson 2200, unlike its successors such as the 2400, does show metamerism and "bronzing"). Metamerism is a colour shift (usually red or green) of the ink when seen under different light sources: the Epson paper profiles are optimised for noon daylight, so prints may look a bit "off" when viewed under, day, artificial lights. Bronzing is a slight metallic reddish-brown sheen seen predominantly on dark areas of the print. Both effects can be largely eliminated by using matt paper, which absorbs the ink particles and has a textured surface (which masks the effects). Gloss paper, having opposite properties, shows these faults readily, and is best avoided with Epson 2200. A good compromise is Epson Premium Semi-gloss paper, which is our preference.
As to how to set up your printer driver and PSE, see
http://www.rangefinderforum.com/forums/showpost.php?p=1264101&postcount=4. The printer driver link is for Windows XP, but here are links for OS X 10.4 and 10.5:
http://www.computer-darkroom.com/ps10_print/ps10_print_2.htm,
http://www.computer-darkroom.com/ps10_print/ps10_print_3.htm).
I've never used PSE (I'm a Photoshop user), but the principle of using a paper profile remains the same. Here are Photoshop colour-management links - hopefully, setting up PSE is similar:
http://www.computer-darkroom.com/ps10_print/ps10_print_1.htm,
http://www.computer-darkroom.com/ps11_colour/ps11_1.htm). If not, I'm sure there's plenty on the web if you google "color management, 'photoshop elements' ".
As I said in my RFF link above, Epson spend a lot of time and money getting their profiles right, so if implemented correctly and everything's working as it should, prints should match your screen closely.
Last, but not least, if you haven't done so already, you should profile your monitor - even Mac screens don't have accurate colour and brightness out of the box! Preferably, you want to do this with a hardware calibrator - e.g. a Pantone Huey or Colorvision SpyderPro. If you only take black and white photographs, monitor calibration is less crucial since you're not worrying about colour - but it's still important as your screen can be too bright or dark. (Unfortunately, Macs and PCs aren't aimed at photographers so monitors are set not for accuracy but to show bright, pleasing colours that most users will find attractive...)
Hope this helps...
