Beth is absolutely right about copying master works. One of my best learning experiences was copying the head and shoulders of 'Child at Bath' by Bouguereau. I learned so much, and recommend reproducing master paintings to anyone who wants to fast-forward their education.
I agree with Marvin about color being one of the last concerns. To attain a likeness the shapes must be right, for dimension and solidity the values must be right, and to make it breathe the color must be right. I'm attaching the underpaint of a portrait I'm working on now. Adding color will be the easiest part--getting the drawing and modeling right were the hard parts. Don't get me wrong, I'm not saying that color is easy because believe me it's not! I'm just saying that shapes and values are the most difficult and most important parts of a portrait.
As for underpaintings or wash-ins--the level of finish is up to the artist. I chose to leave a few hard edges that will be softened in the finished work, and chose to block in the collar and leave details for the end. Some people do more finishing in this stage, some do very little, and some people do not do underpaints or wash-ins at all. There are no absolute 'rights' or 'wrongs;' just use what works for you.
I hope this helps,
Renee
PS Janel, I didn't read your post as offensive toward anyone