I asked Pixelformer people about this matter and got a reply from them. I think we could use it to get grayscale with transparency too though may have to do the process twice. That is, first round export it to png and at the save dialog box checked grayscale. Then re-import the png and export it to get its bmp equivalent. Unless, unaware to me, FWH has actually started to support png natively and making the 2nd step unnecessary.
Igor of Pixelformer wrote:When exporting to a format which supports grayscale (PNG, probably), you will be offered an option to export it as grayscale. With that option, you can export RGBA as grayscale with alpha, and RGB as grayscale with binary transparency (note if you need transparency in a grayscale PNG image without an alpha channel, you must have one unused shade of gray in that image).
Regards,
Igor I. Tyrnoff
Of course this is tedious if you use a lot of images. Unless there's some way to get it to operate in batch mode