Convert every page to black and white
Colour printing costs several times more per page, and many print shops and legal filing systems require monochrome. It also shrinks the file, often substantially.
No. Pages are redrawn as images, so the output is a picture of your document - text is no longer selectable or searchable, and links and form fields do not survive. That is the trade for a conversion that cannot miss a stray colour hiding in a shading or an embedded image.
150 DPI is right for most documents. Choose 300 DPI for anything going to a professional printer, and 100 DPI when file size matters more than sharpness.
We use BT.601 luminance weighting, which is how the eye perceives brightness: green reads much lighter than blue at the same intensity. A flat channel average would render a green heading far too dark.