I hope that you don't mind this post. It's slightly off the topic of the blog but is to show some examples of just how far one can take this black and white value study work. Remington was also a master colorist and I think the reason is because he had such a great ability to see value in the images he paitned. He painted full scale paintings in B&W. If you're ever in Cody, WY go to the Buffalo Bill History Center and look for the paintings he did in black and white. It will leave an impression, guaranteed.
Just to illustrate how far one can go with this, here are a few Frederic Remington black and white illustrations. He and others like Haddon Sunblom, Harold Von Schmidt, were ilustrators in the day of the 'Pulp' magazines. These were the inexpensively produced magazines of detective, western and crime stories among others. The paper was cheap 'pulp' newsprint, hence the name Pulp Magazines.
They also painted for book plates that were then turned into etchings and printed to illustrate the books.
These are just examples that I found quickly with a google search.