Yeah you are right, it takes a good understanding of values and colors to pull this off. The reason I use overlay, although color works pretty well, is because it gives me more freedom when it comes to layering colors on top of each other which is not possible when using color blending mode. If my image has a reddish mood to it, every color I overlay on top will get that reddish look to it, which is not the case with the color blending mode. But again, I never render my image 100% in gray-scale. I still paint over it after adding CV lors, otherwise it looks unnatural.
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