Derek -
I think FCP will do this, but Peter threw in an additional layer of complexity by asking to make the subject be B&W.
I have had excellent luck using FCP's built in Keyers (Chroma and Color under Video Filters>Key). if you change the image to B&W, then we no longer have a green or blue screen, we have a grey screen.
My approach might be to try using two or three copies of the clip... do the chroma key replacement on the one clip... make a mask of just the subject on another clip, then make the subject be B&W on the third clip...
And try to layer them together in the right order to work.
Is this (or not) related to the Pleasantville effect referred to here from time to time?
Independent photographer, film maker and Producer. In the wonderful UK.