There are plenty of ways tp convert color to grayscale, Color>Desaturate has 3 different formulas, all equally valid, just different purposes.
There are thousands of ways to convert grayscale to arbitrary colors. Since there are only 256 possibly values of gray, the simplest way is to make a table of the 256 RGB values
Now, this is Gimp, so if what you want to do is convert a grayscale image to a color image, the best way to do it is to define a gradient and use
Color>Map>Gradient map. You can use the gradient editor but the gradient is just a text file and you can make up one by hand with a text editor. If have linear segment in your map, you don't need to define every point, just define the two ends and Gimp will interpolate.