Best format for scanning b&w text is PNG, TIFF, BMP or what? (Scanning 350 book for reprint)

The Job:
- We have a 350 page book that we need to scan for republication / re-printing.
- Once scanned the images will be "pasted" into either Microsoft Word or into Corel Draw X3... then PDF'd and sent to the printer to print a thousand or more copies of the book.

The Status:
- It is all black & white book with about about 200 photos.
- We are scanning on a Brother MFC 9700 Multi-Function Laser Printer/Scanner using the Microsoft Scanner & Camera Wizzard.
- We do not have Corel on the machine with the Scanner
- For the text we have been experimenting with different dpi settings (300 & 600) & different file formats (JPG, PNG, TIFF) (600 dpi looks best)

The Plan:
-  is to scan the book first for text...
- then re-scan the pages with photo's... using different settings... if necessary.
- Once scanned each page will have to be cropped in Corel Photo Paint (on another machine) and then resaved.
- Then later imported or pasted into either Microsoft Word or Corel Draw X-3 (on another machine)

The Questions:
1 - What is the best file format to save the scanned images?  (This will be our Master Copy)
.. JPG seems to make the B&W files very big !?
.. To maximize quality maybe PNG or TIFF?
.. What do you guys suggest?
2 - Once cropped in Photo Paint X3 - What format should we save them in?
(Remember they will be later imported or repasted into either Corel Draw X3 or Word)

Thanks for any help on this.