Here is the next version of this guy. As you can see, I started with a nice mid-tone blue (matching, roughly, my favorite shade of charcoal paper to use colored pencils on), and have begun working in fleshtones. I'm sort of figuring out the content as I go, but you can see another hour and a half of work here.
The close-up of the head gives a better indication of the detail. These aren't the full-resolution images, of course.
For those interested, there are several layers in the photoshop file - the sketching (light lines in the background), the inking (the solid black lines on top), and the coloring (the shading below the ink). When I'm finished, the coloring alone would probably be interesting even without the inking.