Not sure why you need the texts to be gray scale, if you simply mean black and white, as I said, create the credits in an image program such as photoshop, then composite onto the video. You can even animate it to make the "scrolling" effect.
Ulead probably supports lots of file formats including those with transparency information. This way you can composite texts onto video background without blocking it out.
Anyway, good luck on your adventures...
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