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Well you could have had a look in the manual - it's mentioned in there as well.
Anyway, both graphics installers are full sets, so the CORE in Color installer has parts of the B&W imagery included. Just make sure you install CORE in Color after the basic CORE 0.4.0 installer. The safest route (in case you're using the CORE in Color RAR version the only way to go, for the installer version it doesn't matter much), is basic installer, CORE in Color, GIP (the latter straight into the Armageddon directory). The installer won't overwrite any existing files except in our own mod-CORE2 directory, but the RAR will if you are not careful.