Okay, okay, so I couldn't resist playing when I should be working (besides waking up at 5am...)
I've posted an update to V5LOGOS on my website at:
This version (NUTS! Next time I get some time, I'll have to put a revision code in the program!) will handle 256-color and 24-bit color bitmaps as input and generate proper grayscale output files.
Now, REALLY, it's WORK time...