Fool-proof Method
drgrafix,
Heres an easy full-proof method to do what you want. (Keep in mind I am just a photoshop hobbyist and not a professional.)
Since your drawing is basically grayscale, follow these steps:
1. Use Levels or Curves to make the darkest part plack and the lightest part white (at your discretion, and your posted file is like this already).
2. Copy your image to the clipboard and create a new document the size of your clipboard.
3. Click "Channels" tab on the palette on the bottom-right (next to "Layers").
4. Create a new Channel by clicking the folded page icon.
5. Paste the image into the new channel.
6. Type Cmd-I to invert the image (black->white, white->black, etc.)
7. Click the left-most icon in the channel palette "Load Channel as Selection"
8. Click the "Layers" tab and create a new layer.
9. Select black as the active forground color with the color picker (or whatever color you wish)
10. Hit Option-Backspace to fill the new layer (selection only) with black.
You should now see your drawing as it originally was, but now black is solid, gray is semi-transparent and white is invisible. This should look identical at first to the multiply method, but you can use that selection channel to fill in a pattern or a photo, or any color that you wish, and use any background that you wish and any grays you had in the drawing will be appropriately transparent.
You can accomplish the same effect using layer masks, but I learned photoshop at version 4 (not CS4 but 4.0) and I am still getting used to CS3.
Attached is your image with the above process applied: