A button (with code of course;) to change an image texture to a gray scale image for use as a bump map, with out having to open an external image editing program to convert (to gray scale) and save a new image.

Add material
Add an image texture
Add the image texture in the next texture slot
Change (button) the second texture into a gray scale (adjust contrast and brightness), add Nor, and adjust Nor settings.

I could be wrong but does it actually need to be converted
to a grayscale to use it as a bumpmap...
(I haven't tested it thats why I'm asking)
do you actually get different results using a color bumpmap
vs a grayscale one?
I'm pretty sure it just uses intensity reguardless of color.

Using a color image does work, but I always seem to get better results using a gray scale image, it's easier to adjust the brightness and contrast with the gray than it is with color, just has more adjustability.