Ah, Picasso Face, ye olde elementary art staple. I've been doing this project since my first year of teaching in 1999, and the kids are always so proud of the results. I usually read Getting to Know Picasso at the start of this unit but my book seems to have disappeared, which was a huge bummer. It had a pretty good run of 10+ years in the classroom, though.
For the drawing, I had the kids draw a giant U on their paper and then add hair. The next step was the line from the hairline all the way down to the chin with a wavy nose in the middle. For the painting, I had one long table with warm colors and one with cool. The kids painted one side of the face and then found a spot at the other table to do the other side. The hair and background was up to them.
The eyes and mouth were drawn/colored separately and then glued on after the paint was dry. We had a mini workshop on drawing facial features and they got a lot of practice. They chose their two favorite eyes and one pair of lips to outline with a permanent marker and color with colored pencil. After those bits were glued on, the whole thing was outined with black tempera. This was a great lesson for paintbrush skills and the kids were very proud of themselves for being able to control a brush.