Can actionboo be stained gray?

I see no reason why it couldn't.

I stain it sometimes.  Jack Kempf stains almost all of his bows boo limbs.  Use alcohol stain I works best

Aniline alcohol stain works best.

http://woodworker.com/alcohol-soluble-brt-yellow-golden-oak-aniline-dye-mssu-845-541.asp?search=aniline  dye&searchmode=2

yes we did all the time at morrison archery