What steps would you take to colorize a gray-scale image?
You could use the Colorize option (and play with the Hue and Saturation) or use the Gamma Correction. I did an experiment using Colorize with a grey scale image.

The Hue and Saturation started out at 0 and 0. If I increased the Hue to the top of 255 nothing changes. But if I start the hue at 0 and Saturation to the top of 255, the color is RED. I start to inch the Hue up and the color changes from ORANGE, GOLD, YELLOW, YELLOWISH GREEN, GREEN, BLUEISH GREEN, BLUE, DARK BLUE, PURPLE, PINK, and back to DARK RED.
This is similar to working with the Gamma Correction (I think). If you start out with a Gray Scale image and Split On RGB Channels, then move each color up to it's maximum, you will get the same as what I did above with Hue and Saturation.
Max RED looks like 
Max GREEN looks like 
and finally max Blue 
Combo Max Colors looks like 