I understand what you mean about overseas printing. Although OSHA isn't exactly what covers that, I get the point. I am not sure, however, that black ink used on phone books and newspapers actually had metals to begin with. The black color is normally obtained from finely powdered carbon. What we usually worry about is the metals used to achieve other colors. It's not that easy for the average person not in the business to get definitive info about ink ingredients, so this is all my best guess.
That said, you gotta do what feels comfortable. I would not want to pressure anyone as to what to compost and what not to. I tend to recycle all my paper since I have curbside pickup, so I don't have to deal with this issue. I use newspaper to start my woodstove, and I leave out the colored ads just in case, so I don't risk poisoning the catalytic converter and/or pollute the air with metals.