16 bit framebuffers aren't limiting the artists to low-key artwork. It's not like swtiching to 16 bit requires a palette of only 65536 colours, but you have the full range of colours and shades, only dithered. Picking only greys and browns, perhaps covering 65536 colours, isn't going to free up resources in modern games that are using 32 bit (minimum) data formats. Even less so when the pipelines are HDR. Greyscale is still greyscale, and though in theory you could go luminance only and ditch a load of data bits, no game is doing that, certainly none that the OP is thinking of.
At the end of the day, if you are writing a game for PS360 and/or PC, you aren't ever going to pick a colour scheme based on performance issues. Picking between a look like Halo2 or KZ2 isn't going to the difference of 5% less processing and BW for KZ2 because it's low key, all greys and browns. Pipelines are 32 bits RGBA at least, in hardware so at no extra cost to use than not, and choosing just a subset of available hues and intensities isn't going to free anything to use for other parts of your game. If RAM is an issue, textures can be shrunk. If BW is an issues, resolutions can be shrunk. Models can be simplified. Limiting the range of hues doesn't help anything.