This came from a fellow C1 DSLR user ... the answer is, yes. You can easily switch back and forth between the color and B&W profiles. No different than switching between any other color profile. That said, I find it tedious to do that and so I installed C1 DSLR twice (just used a different directory name for the 2nd install). So, I have 2 icons, one for B&W and the other for color [color image above].