You call the image a simple design in greyscale but it's actually quite complex because it's not in grey and black it's actually in thousands of shades in a gradient. I think you would struggle to print this at all never mind convert it to colour.
I got it into colour (kind of) in Photoshop by:...
Get the image the right size.
Image/Mode/RGB
Filter/Texture/Grain - Push the intensity slider all the way to the left and the contrast all the way to the right.
Select Colour Range and click on the black lettering. Move the slider all the way to the right.
Go to the colour picker and select bright red.
Use the paintbrush to paint the parts you want one of the colours. Leave the other part black.
Deselect
Open the channels pallet.
Select colour range and select the red areas.
Click on the create new channel icon at the bottom of the channels to create a colour channel.
Double click the new channel icon.
Select Spot colour and make it 100%
Select/deselect.
Do the same for the black.
You now have two colour channels. Make sure only one channel is selected and print it out; then do the same for the other one.
I got it into colour (kind of) in Photoshop by:...
Get the image the right size.
Image/Mode/RGB
Filter/Texture/Grain - Push the intensity slider all the way to the left and the contrast all the way to the right.
Select Colour Range and click on the black lettering. Move the slider all the way to the right.
Go to the colour picker and select bright red.
Use the paintbrush to paint the parts you want one of the colours. Leave the other part black.
Deselect
Open the channels pallet.
Select colour range and select the red areas.
Click on the create new channel icon at the bottom of the channels to create a colour channel.
Double click the new channel icon.
Select Spot colour and make it 100%
Select/deselect.
Do the same for the black.
You now have two colour channels. Make sure only one channel is selected and print it out; then do the same for the other one.