ImageMagick Convert PNG32 to Alpha PNG8

I have over 200,000 images stored as transparent PNGs. I need to convert each to an alpha transparent, grayscale PNG. The settings of this PNG must match a specific format to be compatible with a GD and ImageMagick driven system.

Samples

Samples below have a goldenrod and lightblue backgrounds to show original transparency and converted transparency.

Sample Original File Sample Output File (generated via Fireworks) Fireworks Settings Used

Close Attempts

Sample Output File ImageMagick Convert String Used

Close but still a PNG32. :(

convert -size 634x668 xc:white -matte white.png

convert -size 634x668 xc:black -matte black.png

convert \( original.png -quantize GRAY -colors 256 \) grayed.png

composite -compose Dst_Over white.png grayed.png grayed_flat.png

convert black.png \( grayed_flat.png -negate \) +matte -compose Copy_Opacity -composite -depth 8 -colors 16 composite_copy_opacity.png

If we just add the png8: to above? Yup, a blank PNG. :(

convert -size 634x668 xc:white -matte white.png

convert -size 634x668 xc:black -matte black.png

convert \( original.png -quantize GRAY -colors 256 \) grayed.png

composite -compose Dst_Over white.png grayed.png grayed_flat.png

convert black.png \( grayed_flat.png -negate \) +matte -compose Copy_Opacity -composite -depth 8 -colors 16 png8:composite_copy_opacity_png8.png

Failed Attempts

Sample Output File ImageMagick Convert String Used
convert original.png -type GrayScaleMatte png8:grayscalematte_png8.png
convert -size 634x668 xc:transparent -matte original.png -compose Copy_Opacity -composite png8:transparent_compose_copy_opacity_png8.png
convert original.png -contrast-stretch 10% \( +clone \) +negate +matte -compose Copy_Opacity -composite -fill '#000000' -colorize 100%:contrast_stretch_compose_copy_opacity_colorize_png8.png
convert -compose Copy_Opacity original.png \( original.png -quantize GRAY -dither -colors 16 \) -composite -depth 8 png8:compose_copy_opacity_quantize_gray_png8.png