I could, or migh, only be able to get a 2-color printer at reasonably good price.
Are you sure?
4-color-printing does not seem to be that expensive anymore and 2-color printing poses some challenges.
A simple duotone probably is not what you are after, so you would have to (manually) create the two separations.
And give consideration to the overprinting and resgistration issues involved.
Yes, people indeed mentioned to me 2-color printing may not be cheaper.
....the printer I have is 2-color.......
Furthermore, it it just one option I am considering.....
Actually for galley print we should not send bitmap files. They ask for CorelDraw or PDF...etc.
But what are the problems you mentioned?
Overprint ? Registration?
One can create a pdf from Photoshop (of course quality-wise this makes the most sense if the type has been set properly in Photoshop and hard edged areas have been created with Vector Masks). Bleed has to be added naturally.
Overprinting concerns whether (areas of) one color should simply be print over the other.
For example 100% black text or area cans often overprint – but in some cases undelying elements can become visible or if the underlying colors are red, yellow, … the black can appear brownish.
If the registration in printing varies bordering areas of different colors can drift apart or start to overlap.
To minimize the noticability of this one can trap the areas, usually meaning that brighter color areas are spread into darker ones.