First cut the outside a couple of mm deep to have a sketch to work on.
Estimated time: 10 minutes
Paint the uniform dark blue, and the area where there is no uniform paint it in a light rose tone. Finish up with two coats of glossy finish.
Estimated time: 120 minutes
Run a carve with a V bit or similar to half the final depth.
Estimated time: 240 minutes
Rub gold gel or similar onto the buttons and sleeve stripes and finish up with some coats of glossy finish.
Now carve to the full depth.
Estimated time: 240 minutes
Now using a different bit, cut out the full figure.
Estimated time: 45 minutes
Paint the eyes, teeth and glasses, maybe add some blue between the sleeve stripes.
Estimated time: 20 minutes