I have often struggled with black and white conversions. I have tried lots of different methods and find that some work beautifully on one photo, but not so much on another. After trying several methods and various actions on my nephew's photos, I went into the archives and remembered I had some beautiful conversions for Elements from KKPhotos Extras blog. I love that you can adjust the opacity of the layers to customize it to your photo.
The best part is you can get KK's b/w conversion as well as several others on her blog for free. Just scroll all the way to the bottom and enjoy!