Well, maybe it's not a photoshop problem then. The problem is this: When grayscale photos in process color pages are sent from Acrobat to the imagesetter, we get images on all four plates: CMY&K. In the end they look gray, but they are actually a combination of all four colors. If we had grayscale images on the K plate only, with no image on the other three plates then registration would not have to be perfect to get a perfect image.
Maybe this isn't a photoshop issue, maybe it's an InDesign or Acrobat issue?