Duotones are primarily used for reprographics in print, where one can use a Pantone colour with black (or two or more 'special' or 'spot' colours together). When exporting the file, EPS is the usual format so that the separate colours can be utilised in a DTP application such as InDesign or Quark.
It is not necessary to retain the duotone information for print on consumer printers and, as Alecia said, it can be converted to RGB once you have the colour balance you prefer.
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