If I change the 1's to 0's, it gets green-shaded instead:

Any non-zero value I tried returns the same half-bright image, both positive and negative numbers.
When using 0, I notice the following: if I change the dwFactor to a different value, it affects the shade of the color directly: e.g. $00B63612 will give it a red hue, $000000FF will make it blue, etc... Using $00777777 for the dwFactor will make it full color, half-bright as well... I tseems like it is taking the RGB rather than luminecense?

Any non-zero value I tried returns the same half-bright image, both positive and negative numbers.
When using 0, I notice the following: if I change the dwFactor to a different value, it affects the shade of the color directly: e.g. $00B63612 will give it a red hue, $000000FF will make it blue, etc... Using $00777777 for the dwFactor will make it full color, half-bright as well... I tseems like it is taking the RGB rather than luminecense?