I am in the production stage of a short shot on 16mm reversal that will emulate 20's silent era comedies. I will TK to Mini-DV and I'm debating whether I will physically shoot the cards with the film or do them in post.
Now that is to make it look authentic, shooting on real film and all. But you could just as easily shoot in digital and convert in post to B&W (EASY). The only issues are you need a good accompaning score of some type. A pre 1924 recording could work if you can find it, or you might post in our sub forums looking for a composer.
To be honest, I don't know that much about low end NLE's but I think Windows Movie Maker or whatever comes with a mac ought tp allow you to do everything you need. I work right now only in Vegas 6.
By the way, its too bad you are not a premiere member. Our founder, indietalk, has posted his silent B&W (with a splash of color in a couple of scenes) here
http://www.indietalk.com/showthread.php?t=6870 . He shot his on 16mm as well in the 90's. It won several fests.
Todays technology of digital however makes all of this much easier. Sure you wont get the true 100% emulation that shooting on real film will give you, but its like this:
Shoot on Mini-DV, capture the footage in whatever program you want to use. Apply a B&W filter or just kill the saturation. Edit together normally. Have someone compose a score or add it yourself if you have one picked out. Render.