This shamelessly pinches the solution cslstr posted for the sections and applies it to the title page as well. Note that I was quite careful in rewriting \MyTitle to get the formatting correct but that there are very slight changes to the spacing of elements of the title page. If this is a problem, further adjustments are obviously possible but this looked 'close enough' to me for almost all practical purposes.
Caveat: I have no idea how this should display in a pdf viewer. In acroread, I can switch to the monochrome layer and get monochrome for both title page and section heading. In Okular, the monochrome does not appear to be available for either title page or section heading. I'm therefore assuming this is what it should be like since you said the section heading solution worked and my title page code seems to behave in the same way. But I'd never even heard of OCG until you posted this question...
Further caveat: my tikz skills are only slightly less limited than my knowledge of OCG...
Caveat emptor!
\documentclass[titlepage,twoside,11pt]{article}
\usepackage[demo]{graphicx}
\usepackage[usenames,svgnames]{xcolor}
\usepackage{tikz}
\usepackage{mathabx}
\usepackage[explicit]{titlesec}
\usepackage{ocg-p}
\usepackage{etoolbox}
\providebool{usecolor}
% Will set color title page and section headings
\setbool{usecolor}{false}
% ----- STY File Contents
% Set page geometry
\usepackage[margin=2.0cm,top=1.5cm,includehead,includefoot]{geometry}
\setlength{\headheight}{15pt}
%%%% Title Page stuff
% \ifbool{usecolor}{%
\usepackage[pagecolor=none]{pagecolor}%
\definecolor{MyBlue}{HTML}{1b3667}%
\usepackage{afterpage}%}{}
\newcommand{\MyTitle}[2]
{\thispagestyle{empty}%
\noindent
\begin{tikzpicture}[overlay, remember picture, text=white]
\fill [fill=MyBlue] (current page.south west) rectangle (\paperwidth,\paperheight);
\node at (.5\linewidth,-2.125) {\includegraphics[width=1.5in]{logo-gold}};
\node [font={\huge\bfseries\sffamily}] at (.5\linewidth,-7) {#1};
\node [font={\huge\sffamily}] at (.5\linewidth,-9.125) {#2};
\node [font={\large\sffamily}] at (.5\linewidth,-15.5) {Authors\dots};
\node (p) at (.25\linewidth,-8.25) {};
\node (q) at (.75\linewidth,-8.25) {};
\draw [color=white] (p) -- (q);
\end{tikzpicture}
\begin{ocg}[printocg=always]{MonochromeVersion}{monochrome}{0}
\begin{tikzpicture}[overlay, remember picture, text=black]
\fill [fill=white] (current page.south west) rectangle (\paperwidth,\paperheight);
\node at (.5\linewidth,-2.125) {\includegraphics[width=1.5in]{logo-white}};
\node [font={\huge\bfseries\sffamily}] at (.5\linewidth,-7) {#1};
\node [font={\huge\sffamily}] at (.5\linewidth,-9.125) {#2};
\node [font={\large\sffamily}] at (.5\linewidth,-15.5) {Authors\dots};
\node (p) at (.25\linewidth,-8.25) {};
\node (q) at (.75\linewidth,-8.25) {};
\draw (p) -- (q);
\end{tikzpicture}
\end{ocg}
\afterpage{\nopagecolor}%
\newpage
}
%%%% Section Style Format
\usepackage{tikz}
\usepackage{mathabx}
\usepackage[explicit]{titlesec}
\newcommand*\sectionlabel{}
\titleformat{\section}
{\gdef\sectionlabel{}
\thispagestyle{plain}\ifbool{usecolor}{}{}\normalfont\sffamily\LARGE}
{\gdef\sectionlabel{\thesection.\ \ }}{0pt}
{\begin{tikzpicture}[remember picture,overlay]
\node[xshift=-.2in,rounded corners=.5cm,inner sep=11pt] at (0,0)
{\begin{tikzpicture}[remember picture, overlay]\color{white}
\fill[MyBlue] (0,0) rectangle
(\paperwidth,1cm);
\node[anchor=west,xshift=.1in,yshift=.5cm,rectangle]
{\sectionlabel#1};
\end{tikzpicture}
};
\end{tikzpicture}%
\begin{ocg}[printocg=always]{MonochromeVersion}{monochrome}{0}
\begin{tikzpicture}[remember picture,overlay]
\node[xshift=-.2in,yshift=-0.02cm,rounded corners=.52cm,inner sep=11pt] at (0,0)
{\begin{tikzpicture}[remember picture, overlay]\color{black}
\fill[LightGrey] (0,0) rectangle
(\paperwidth,1.04cm);
\node[anchor=west,xshift=.1in,yshift=.5cm,rectangle]
{\sectionlabel#1};
\end{tikzpicture}
};
\end{tikzpicture}
\end{ocg}
}
\titlespacing*{\section}{0pt}{50pt}{10pt}
\begin{document}
\MyTitle{Title}{Subtitle}
\section{First Section Title}
\end{document}
Note: you should really tell geometry about headheight. There's no point in using the package if you then undermine its efforts by sneaking changes behind its back!
acroread standard layer:

acroread monochrome layer:

Okular:

EDIT
If you wish to accommodate multi-line titles but are prepared to specify the line breaks manually, you can do this:
\documentclass[titlepage,twoside,11pt]{article}
\usepackage[demo]{graphicx}
\usepackage[usenames,svgnames]{xcolor}
\usepackage{tikz}
\usepackage{mathabx}
\usepackage[explicit]{titlesec}
\usepackage{ocg-p}
\usepackage{etoolbox}
\providebool{usecolor}
% Will set color title page and section headings
\setbool{usecolor}{false}
% ----- STY File Contents
% Set page geometry
\usepackage[margin=2.0cm,top=1.5cm,includehead,includefoot]{geometry}
\setlength{\headheight}{15pt}
%%%% Title Page stuff
% \ifbool{usecolor}{%
\usepackage[pagecolor=none]{pagecolor}%
\definecolor{MyBlue}{HTML}{1b3667}%
\usepackage{afterpage}%}{}
\newcommand{\MyTitle}[2]
{\thispagestyle{empty}%
\noindent
\begin{tikzpicture}[overlay, remember picture, text=white, align=center]
\fill [fill=MyBlue] (current page.south west) rectangle (\paperwidth,\paperheight);
\node at (.5\linewidth,-2.125) {\includegraphics[width=1.5in]{logo-gold}};
\node [font={\huge\bfseries\sffamily}] at (.5\linewidth,-7) {#1};
\node [font={\huge\sffamily}] at (.5\linewidth,-9.125) {#2};
\node [font={\large\sffamily}] at (.5\linewidth,-15.5) {Authors\dots};
\node (p) at (.25\linewidth,-8.25) {};
\node (q) at (.75\linewidth,-8.25) {};
\draw [color=white] (p) -- (q);
\end{tikzpicture}
\begin{ocg}[printocg=always]{MonochromeVersion}{monochrome}{0}
\begin{tikzpicture}[overlay, remember picture, text=black, align=center]
\fill [fill=white] (current page.south west) rectangle (\paperwidth,\paperheight);
\node at (.5\linewidth,-2.125) {\includegraphics[width=1.5in]{logo-white}};
\node [font={\huge\bfseries\sffamily}] at (.5\linewidth,-7) {#1};
\node [font={\huge\sffamily}] at (.5\linewidth,-9.125) {#2};
\node [font={\large\sffamily}] at (.5\linewidth,-15.5) {Authors\dots};
\node (p) at (.25\linewidth,-8.25) {};
\node (q) at (.75\linewidth,-8.25) {};
\draw (p) -- (q);
\end{tikzpicture}
\end{ocg}
\afterpage{\nopagecolor}%
\newpage
}
%%%% Section Style Format
\usepackage{tikz}
\usepackage{mathabx}
\usepackage[explicit]{titlesec}
\newcommand*\sectionlabel{}
\titleformat{\section}
{\gdef\sectionlabel{}
\thispagestyle{plain}\ifbool{usecolor}{}{}\normalfont\sffamily\LARGE}
{\gdef\sectionlabel{\thesection.\ \ }}{0pt}
{\begin{tikzpicture}[remember picture,overlay]
\node[xshift=-.2in,rounded corners=.5cm,inner sep=11pt] at (0,0)
{\begin{tikzpicture}[remember picture, overlay]\color{white}
\fill[MyBlue] (0,0) rectangle
(\paperwidth,1cm);
\node[anchor=west,xshift=.1in,yshift=.5cm,rectangle]
{\sectionlabel#1};
\end{tikzpicture}
};
\end{tikzpicture}%
\begin{ocg}[printocg=always]{MonochromeVersion}{monochrome}{0}
\begin{tikzpicture}[remember picture,overlay]
\node[xshift=-.2in,yshift=-0.02cm,rounded corners=.52cm,inner sep=11pt] at (0,0)
{\begin{tikzpicture}[remember picture, overlay]\color{black}
\fill[LightGrey] (0,0) rectangle
(\paperwidth,1.04cm);
\node[anchor=west,xshift=.1in,yshift=.5cm,rectangle]
{\sectionlabel#1};
\end{tikzpicture}
};
\end{tikzpicture}
\end{ocg}
}
\titlespacing*{\section}{0pt}{50pt}{10pt}
\begin{document}
\MyTitle{This is an Extremely Long Title\\of the Multi-Line Kind and Should Be Broken}{Subtitle}
\section{First Section Title}
\end{document}

If you would prefer to keep the distance between the title and the line, rather than keeping the location of the line constant, you could try:
\documentclass[titlepage,twoside,11pt]{article}
\usepackage[demo]{graphicx}
\usepackage[usenames,svgnames]{xcolor}
\usepackage{tikz}
\usetikzlibrary{positioning}
\usepackage{mathabx}
\usepackage[explicit]{titlesec}
\usepackage{ocg-p}
\usepackage{etoolbox}
\providebool{usecolor}
% Will set color title page and section headings
\setbool{usecolor}{false}
% ----- STY File Contents
% Set page geometry
\usepackage[margin=2.0cm,top=1.5cm,includehead,includefoot]{geometry}
\setlength{\headheight}{15pt}
%%%% Title Page stuff
% \ifbool{usecolor}{%
\usepackage[pagecolor=none]{pagecolor}%
\definecolor{MyBlue}{HTML}{1b3667}%
\usepackage{afterpage}%}{}
\newcommand{\MyTitle}[2]
{\thispagestyle{empty}%
\noindent
\begin{tikzpicture}[overlay, remember picture, text=white, align=center]
\fill [fill=MyBlue] (current page.south west) rectangle (\paperwidth,\paperheight);
\node at (.5\linewidth,-2.125) {\includegraphics[width=1.5in]{logo-gold}}
node (title) [font={\huge\bfseries\sffamily}] at (.5\linewidth,-7) {#1}
node [font={\huge\sffamily}, below=2.125 of title.south] {#2}
node [font={\large\sffamily}] at (.5\linewidth,-15.5) {Authors\dots}
node (p) [below left=1.25 and .25\linewidth of title.south] {}
node (q) [below right=1.25 and .25\linewidth of title.south] {};
\draw [color=white] (p) -- (q);
\end{tikzpicture}
\begin{ocg}[printocg=always]{MonochromeVersion}{monochrome}{0}
\begin{tikzpicture}[overlay, remember picture, text=black, align=center]
\fill [fill=white] (current page.south west) rectangle (\paperwidth,\paperheight);
\node at (.5\linewidth,-2.125) {\includegraphics[width=1.5in]{logo-white}}
node (title) [font={\huge\bfseries\sffamily}] at (.5\linewidth,-7) {#1}
node [font={\huge\sffamily}, below=2.125 of title.south] {#2}
node [font={\large\sffamily}] at (.5\linewidth,-15.5) {Authors\dots}
node (p) [below left=1.25 and .25\linewidth of title.south] {}
node (q) [below right=1.25 and .25\linewidth of title.south] {};
\draw (p) -- (q);
\end{tikzpicture}
\end{ocg}
\afterpage{\nopagecolor}%
\newpage
}
%%%% Section Style Format
\usepackage{tikz}
\usepackage{mathabx}
\usepackage[explicit]{titlesec}
\newcommand*\sectionlabel{}
\titleformat{\section}
{\gdef\sectionlabel{}
\thispagestyle{plain}\ifbool{usecolor}{}{}\normalfont\sffamily\LARGE}
{\gdef\sectionlabel{\thesection.\ \ }}{0pt}
{\begin{tikzpicture}[remember picture,overlay]
\node[xshift=-.2in,rounded corners=.5cm,inner sep=11pt] at (0,0)
{\begin{tikzpicture}[remember picture, overlay]\color{white}
\fill[MyBlue] (0,0) rectangle
(\paperwidth,1cm);
\node[anchor=west,xshift=.1in,yshift=.5cm,rectangle]
{\sectionlabel#1};
\end{tikzpicture}
};
\end{tikzpicture}%
\begin{ocg}[printocg=always]{MonochromeVersion}{monochrome}{0}
\begin{tikzpicture}[remember picture,overlay]
\node[xshift=-.2in,yshift=-0.02cm,rounded corners=.52cm,inner sep=11pt] at (0,0)
{\begin{tikzpicture}[remember picture, overlay]\color{black}
\fill[LightGrey] (0,0) rectangle
(\paperwidth,1.04cm);
\node[anchor=west,xshift=.1in,yshift=.5cm,rectangle]
{\sectionlabel#1};
\end{tikzpicture}
};
\end{tikzpicture}
\end{ocg}
}
\titlespacing*{\section}{0pt}{50pt}{10pt}
\begin{document}
\MyTitle{This is an Extremely Long Title\\of the Multi-Line Kind and Should Be Broken}{Subtitle}
\section{First Section Title}
\end{document}

ocg-p, and I will present a self-answer as it becomes clear. This question represents the part that I am stuck on, that is actually developing the two layers to pass through toocg-psuch that they are typeset in the same area of the page. – cslstr Apr 04 '14 at 00:36tikzto just put one in the background layer? At least for the title page (not sure how well it would work for sections). – cfr Apr 04 '14 at 00:42tikzfor the section heading. The titlepage is what I am struggling with more right now...tikzis a bit "black magic" to me. – cslstr Apr 04 '14 at 00:47