When I use the Advanced B&W Photo setting in my product driver, which color management settings should I select in Photoshop?
When Advanced B&W Photo is selected the printer driver manages the color, so you should disable color management in Photoshop.
Your file does not need to be converted to grayscale. Ideally, you would use an embedded RGB profile such as Adobe RGB or sRGB.
If you're using Photoshop CS2, select No Color Management as your Color Handling setting (in the Print with Preview window).
If you're using Photoshop CS or 7, select Same as Source as your Printer Profile setting (in the Print with Preview window).
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