If you use the HP Universal Print Driver (UPD) it allows for policy control. To get started, use the UPD System Admin Guide to learn how to enable it and download the free Print Administrator Resource Kit (PARK). There are several ways to implement that allow group or user level control.
1) UPD Active Directory template
2) HP Manage Print Administrator (MPA) as a server
3) Use the MPA to create a client side XML file that at time of printer install you define. That file is used in the printer's creation and is read by the UPD at each FILE-PRINT operation to enforce the defined policy (see page 135).
Another option- in the PARK is the Driver Config Utility. You can preconfigure the driver to MONOCHROME as default, and you can LOCK that option (it grays out the control). You make that printer available to MONO workstations. Last, and not my recommendation for a list of reasons, also with drive preconfig you could disable UPD'd bidirectional communication with the target printer-- only after UPD talks with the target device does the COLOR tab appear on the driver's UI screen... again, this printer is made available to the MONO group.
You first decision is do you want to manage list or manage node-- but you have many options that allow you to benefit the full capabilities of the UPD.