Taking a look at more OpenGL documentation, I see that you can actually use glTexImage2D with a variety of internal formats and a variety of formats for the pixel data that is uploaded to the gfx card. Max2D creates textures in RGBA format, but there are many other options. I am trying to experiment with these at the moment (e.g. having a texture which is just GL_ALPHA only). Apparently you can have 4-bit components (e.g. GL_RGBA4), which would be less color resolution, um .. 12bit color? 4096 colors (like original Ham6 on the Amiga!)
For example...
"The number of color components in the texture. Must be 1, 2, 3, or 4, or one of the following symbolic constants: GL_ALPHA, GL_ALPHA4, GL_ALPHA8, GL_ALPHA12, GL_ALPHA16, GL_LUMINANCE, GL_LUMINANCE4, GL_LUMINANCE8, GL_LUMINANCE12, GL_LUMINANCE16, GL_LUMINANCE_ALPHA, GL_LUMINANCE4_ALPHA4, GL_LUMINANCE6_ALPHA2, GL_LUMINANCE8_ALPHA8, GL_LUMINANCE12_ALPHA4, GL_LUMINANCE12_ALPHA12, GL_LUMINANCE16_ALPHA16, GL_INTENSITY, GL_INTENSITY4, GL_INTENSITY8, GL_INTENSITY12, GL_INTENSITY16, GL_R3_G3_B2, GL_RGB, GL_RGB4, GL_RGB5, GL_RGB8, GL_RGB10, GL_RGB12, GL_RGB16, GL_RGBA, GL_RGBA2, GL_RGBA4, GL_RGB5_A1, GL_RGBA8, GL_RGB10_A2, GL_RGBA12, or GL_RGBA16. "
taken from:
http://msdn.microsoft.com/library/default.asp?url=/library/en-us/opengl/glfunc03_16jo.asp