I usually swap red and blue channels in Photoshop, and keep my images colored.
You can easily do it in Channel Mixer (set Red output to 100% Blue, and Blue output to 100% Red). This will result in dark blue sky and pinkish foliage on most common IR captures.
The resulting image can be converted to b&w, and I find the results more pleasing than converting the original image.
Alternatively, I desaturate/b&w only the red channel, and leave all the blues and greens untouched.