What a great thread and I love it when there are different ways to approach a photo. Jonas, I tried clicking on your photo to bring up a larger version to see it better, but I kept getting the little wheel spinning like it couldn't make the link or else it wouldn't enlarge? Thanks for the helpful links.
Long time ago I got one so bad that I couldn't color correct and had to colorize: http://www.operationphotorescue.org/forum/index.php/topic,1380.0.html
(unfortunately there are a lot of broken links) I believe I probably used the best channel for B/W converted to RGB and did solid Color Fill Layers like what is described in Katrin Eismann's Photoshop Resoration & Retouching
on page271 and also tips I picked up on a tutorial on hand colouring black and white photos in the Photoshop Creative published in the UK.
Ohfer, we have no problems with hand coloring a photo that can't be color corrected the regular way. I am curious whether you are doing blank layers set to color mode and adding color or are you painting over the original with your opacity reduced?
What has been done so far is a big improvement. I think what I would like to see and it is kind of hard without a reference photo, but more of a color variation in the the face. Yes, the opacity for the shadows and highlight vary, but it seems the color is all the same.