There are several methods of retouching color photos and hand painting or coloring B&W photos.
The retouching dyes or colorants are blends to match the dyes used in color papers and films and in the case of Kodak dyes, are revised for each version of product so that they match well in all regards. The oils and pencils used for coloring B&W prints are a different product line but may contain many of the same colorants.
If you note in Paul's post above the product names are given and are quite old. If it were a newer product it would probably note that they match Endura or CA papers. The retouching dyes, as I noted, if not matched will shift color with illuminant and fade differently giving the print a spotty look. There would be no problem if used on a B&W print AFAIK, as it would just act like any other applied dye for retouching but being color would be subject to fade.