Think of a CRT color pixel, made of Red Green and Blue dots. White is made of R255, B255 and G255 or all on, and black is made of R0, B0, G0, or all off.

When you're tying these three signals together, you're essentially sending the same image on all 3 color guns. if you disconnect two color signals on a color monitor, you'll understand what I'm trying to explain.
Essentially what you'll end up with, is all 3 colors showing the same pictures, and you'll end up with the proper greys.
The downside to doing this would be if a color gun is off (bad convergence), you'll end up with colored ghosting. On a black and White monitor, you'd only have a "bent" image.

And about neckboard pinouts, I believe what Rickn meant was replace the entire bw monitor with an RGB, and tie the signals togehter right off the gameboard/going in to the monitor chassis.
I'm a newb to a lot of this, someone feel free to jump in if i'm off base here.