Hmmm. I could not duplicate it on my Win7 w/1.3.1, although I am using a different .PDF printer driver. B&W came out B&W. Normal came out w/colors for my Nicknames, Extra Info, and Description text in my Ladder print out.
FYI, the "black and white" setting is done by Designer. It basically saves off the current color scheme, grabs the "Monochrome" color setup (this is hard coded set of colors inside Designer) during the print, then restores the saved off colors.
Do Print Preview with that driver and B&W checked, and see if you get B&W on your screen. If that is working correctly, but the actual .PDF output is not, there's something weird going on.
You might try deleting your DmPrint.rst file from your Designer1_3\Bin folder, just to see if that fixes it.