Far better in color IMO
For your lightning, I would try it continuous mode with 15 sec. expositions and hold the button on your remote release so it stays in continuous mode. I've never shot any tho; but with programmed settings like this, you pretty much get all of them without having to stress about the risk of missing any. You can even extend the exposure and fill the sky with a couple cracks and create that surreal effect of a crazy electrical storm.
I did it last summer on my D7000 coupled with my promote control under time lapse mode with 1 sec. wait between each shot at a firework show this summer; but went overboard with 30 sec. expositions; which was too much:
What was cool (for fireworks) is that you dont spend the whole show looking through the viewfinder. You set it, and forget it. I have to do it again, but with 15 sec. expositions; then 10 when it gets more intense and even 5 seconds for the finale.