Well Pix, most of what can be said was already touched upon by Mikey... I'd say start at square one and have fun with it. It's already gonna be a blast, working with such a nice sculpt. You just have to be patient and take it step by step.
Paints, go with Acryl paints. You can get them almost anywhere and they do the job nicely, drying fast and mixing well.
I usually mix Burnt Sienna and Warm Skin tone paints together and water them down for my first layer. I walk away and let it dry for a while. Come back and add a little lighter skin tone and more warm to get a shade lighter. Water it down as well and dry brush that on. You can also try not to let the lighter shade penetrate the wrinkles and such, saving yourself time later..
Next step for me is to paint the hair. Start with a dark tone, your base. Usually for browns I use Burnt Sienna and black, adding a little yellow or red to get the tint I want. Brush this on watered down as well, but not too much. cover the entire hair area, make sure you get into every crevice. Let this dry and start mixing a lighter shade of your base color. Once you have it, drybrush that on softly, avoiding too much penetration into the crevises (as before). You will now have the basic look you are going for. If you want, you can mix an even lighter shade and add highlights here and there for added effect. You will be glad you did, it'll look fantastic.
Lips are not hard at all... You just mix red and skin tone, with a hint of Burnt Sienna. Get the shade perfect, not too red or dark.... And brush it on lightly. I try to fade it into the skin color so that it does not appear that the character is wearing lipstick. I like it better that way...
Eyes are tricky and take a lot of practice, no matter what level of artist you are. Trust me on that. You may want to practice on something before attempting it.
If you get the skin finished, tell me and I'll post a detailed eye tutorial for you. I'm still learning on this too, so I understand.
If I can only find a way to burn that DVD for you, you will have a nice eye instruction to learn from... in time...