I'm wondering if it's possible to change the display in paperspace to what the print preview shows... so basically I want a white background with all images, text, objects greyscaled (assume that I'm printing in black/white).
 
I've tried to change the display in the, "Options / Window Elements / Colors..." but can't seem to achieve what I've noted above.

Try to display plot styles - see:
http://www.cadforum.cz/cadforum_en/i-want-to-display-my-drawing-the-same-way-it-is-printed-tip6672