Whats the best way

If you've CS3 then use the B&W option in the Image>Adjustments menu. Failing that the Chanel Mixer is probably the best alternative. This way you can adjust the way each group of colours is represented
 
i generally use CS3's B&W option, although occasionally gradient map works wonders...

you've generally got to use the curves/levels functions to get the best results in monos too.
 
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