I did the experiment, though not in the best possible way.
The challenge I found in printing using Advanced B&W through Qimage (note: I am running Windows 7 in VMware, so this may be an artifact...) is that the default for Advanced B&W in the driver for "Color Toning" is NOT "Neutral", but "Darker". And whenever I reset the default in the Qimage printer settings popup, it didn't 'stick'. So I suspect that when I actually went to print from Qimage it printed "Darker".
But even so, using a real and very good (200+dpi) b&w photo, I could see no difference between what Qimage produced with a printer profile for my paper, and using "Advanced B&W Color" plus "Let printer driver manage color". (I didn't use a test strip.)
Seeing all the options under Advanced B&W Color in the driver made me wonder whether that set of tools/settings were created back in the days when B&W images were scanned from b&w film and before photographers got good at adjustments in image printing tools. I have no idea, but the adjustments allow for a lot of changes, but pretty subtle ones. Head scratcher, at least for me.
Thanks for suggesting the experiment, Mike.