Must it be thick to prevent light "penetrating" into the skin? Or nude to give it a more natural effect? Such as light foundation, concealer, blush, etc. I'm only an amateur photographer and wanted to get started even with limited equipments. Help and further info are appreciated. =)

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Go with a natraul look, some bronzer for the cheeks for a healthy glow and shiny lips to really make the model shine.

use dark shades on cheeks eyes and lips to create a contour highlight and shadow effect that will show up in the black and white picture. Do a professional makeup with highlight and shadow and deeper colours to mark and effect when the film is developed in black and white.

I use a lighter foundation on the skin, and then acentuate the eyes with liner/mascacra

It depends what look you want to go for. If you want a striking but classic look, red lipstick and overdone smokey eyes work. For a more natural look, well done mascara and a slightly darker blush (so it shows in the photograph) are key. You should buy some basics: 3 kinds of blush (deep red, bright rose, tawny pink) 2 shades of bronzer (light and dark to balance blushes) A large collection of eyeshadows (Color Workshop has great kits, there's a color for everyone) Extra brushes and sponges (so you will always have clean and fresh tools) And maybe a yellow concealer--for under eye circles, and green concealer--for ruddy patches and blemishes You might want to have your subjects bring their own mascara and lip color, since both can rarely be used by more than one person on a sanitary level.