Alright, here we go: http://fc03.deviantart.net/fs71/f/2010/362/0/5/recolor_tut_by_solar_misae-d35wlg0.png
Ignore the mass amounts of typos/spelling errors etc. I made this really fast. Anyways, this is a tutorial on how I make my templates, and then how I use them to do my edits.
Also, I use photoshop CS4 for this, but it should work with newer/older versions of PS as well. This method should work on just about ANY image you wanna recolor as well, not just the portraits.
I tried to make it n00b friendly, but if anyone has any questions about it feel free to ask.