I think if you just click on any of the other two options (I have a choice of three, including Quick print), that is all it takes to change the printing options. To me, unless you make this change (for every print job) it goes down the "Quick print" route, it appears this change cannot be set permanently and has to be made every time you decide to print (with your current Advanced Appearance settings) if you do not want to waste a lot of printer ink?
So from my understanding, unless someone can come up with a better option, you will have to use your available Printer Preferences for printing in black and white by avoiding "Quick print", every time you print from Wordpad.