I’m a bit embarrassed that I haven’t been able to figure out how to do this on my own… it seems the sort of thing that can be done quite simply if you know how.
I’d like to be able to take a black and white image such as this and convert it to a red (#FF0000) and green (#00FF00) image. I’d generally just use the paint bucket tool, but it doesn’t work well with detailed art with their myriad shades of grey.
Easiest way to do this is the gradient map tool. It’s under Image -> Adjustments. When the menu pops up, click on the gradient to bring up more advanced options. You’ll see the black to white gradient at the bottom, with a small black box at one end and a white box at the other. Click on the black to change it to the color you want, then the white to the other color you want.
ETA: This is on Photoshop CS5. I know the gradient map has been around for a while, but I don’t know when it was added.