I know most people us Oil Pencils for color.
I apply acrylic paint and wipe it off leaving a slight hint of color (stain effect). That's just me, because I want the wood to show not paint. I also use a very fine detail brush with very little paint for hair, around eyes, highlights, and black.
I haven't gotten into oil pencils yet, but am thinking of purchasing some to experiment with. You may be able to apply it and wipe the heavy color off leaving a stain effect also.
I found that a water based varnish is best for finishing bass wood. It won't darken it and leaves a nice shine.
Here is an example of acrylic paint wiped off.
It's always a good day when you wake up, so don't sweat the small stuff.