You might want to check with darkwaterfrey-- I don't know if he comes on the forums much, but he does a lot of cool traditional stuff like inkwashing, water color, and even duo-tone (which i was quite impressed with). So it might be worth PQ-ing him...
Ink washes are great fun, I use them a lot for cards and stuff because they make such a cute effect~
My only advice is to make sure you have a strong brush (if you intend to use a brush, I remember one of my friends making them with little sponges), because it can be incredibly difficult to get precision in the effect if the brush is limp and not going where you want it. It also helps to have a separate pad on which to test tones before you put them down.
In the end, you only really need blue, red, yellow and black to get any shades you want, although if you'll be using a certain tone a lot you might consider finding it or mixing up a pot of it on it's own, since the mixing is difficult to replicate.
Hope that helps even a little, I know it's not much
Ink washes are almost exactly like watercolor, so if you already know how to do watercolors you shouldn't have any problem with ink washes. In my experience the outcome depends a lot more on the characteristics of the paper (weight, texture) than on the brush.