My first quick attempt at trying B&W profiles did not work too well. In Proof view the profiles definitely get applied. The view becomes grayscale, and there is the expected difference in proof view between a matte paper and photo paper. But for some reason saturated black areas become white or light gray. Almost like a shadows clipping warning but that is not what it is. My shadows warning is set to blue, and I have it turned off anyway.
Furthermore, in the IP 10 manual it mentions that when you are in Photoshop and want to soft proof a grayscale IP profile, you should first set the working space to "grayl.icm". As far as I know you cannot do that in C1.
So my initial try was unsuccessful.