The colour balance is just a profile included in the raw file and it requires the viewing software to support it for it to be of use...it's not enforced in any way.
The raw file is otherwise just that...it's pixel values. As it is, it's (again) software that demosaics this into a colour image, otherwise it's just a mono image.
Glen, if you're getting a colour image by default then the demosaicing is happening when you don't want it to. Look at the dcraw command line options to disable it. Doing the demosaicing on mono data is meaningless and you'll be losing valuable resolution by doing so.
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