I've got a current Aristo head and a condensor head for my D-II, and I pretty much always use the cold light head. I keep the condensor head around mainly in case I decide to do color again, though I suppose I could find a dichro head easily enough.
Will any color head work ok for b and w....there are a lot of really cheap enlargers out there.....I have always used my Omega D2V...bought 30 years or so and have used only the condenser head and for all formats 35-4 x 5
Short answer is yes. You can dial out all the filtration and use white light or you can experiment with the magenta and yellow filters for use with variable contrast papers. More magenta = higher contrast, more yellow = lower contrast. Somtimes there are facilities for using standard VC filters in the head as well, which is my preference.