All of this stems from my original underpainting demo that you can see at:
http://forum.portraitartist.com/show...ighlight=Sarge
Here is how I would approach the value range:
#5 Value. Use this for the light on the face. The skin is the lightest value and should be the lightest paint.
#4 Value. Use this for the shadow on the face. Don't put eyeglasses in on the underpainting as it is too tough to paint around them in the upper layers. Smoothly paint what is underneath and it will take a flick of the brush to add them later.
#3 Value for the light on top of the hat...since the hat appears to be the next darkest object.
#2 Value for the shadow side of the hat (the area under the brim). You will need to pay attention to the edge where this shadow meets the forehead and lose that edge rather quickly.
#2 Value for the light on the jacket and the shirt.
#1 Value for the shadows on the jacket.
Note: Do not get confused by the photograph! This is one of those where the shadow on the upper forehead appears to be as dark as the jacket...but it is not. The shadow on a light object cannot equal the shadow on a dark object.
You must paint from what you know to be a logical truth and not necessarily what you see.
Further Note: When you paint the hat, for example, only use the value extremes of #3 and #2. You can make any halftone range between these two values. Don't be tempted to paint outside of this range.