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I took some pictures of a Reaper Dwarf that I painted up for a friend's birthday. Not sure why I'm posting them, except to show off a quick project that's not directly for use with an army.
Oh, and to show some of my earlier commenters that I actually do finish up eyes on some models.

The skin tone appears a bit different in each shot due to
the lighting. Which one is the most accurate?

The last skin tone is probably the most accurate. I'm having some issues with my lighting rig right now that's been requiring me to color correct with software. Her skin is intended to have a hint of grey to it (Vallejo Medium Grey mixed in with all layers), as my friend is using this model in a D&D game to reflect the Dwarven Stonelord prestige class.

I am not sure how the real colour is, but in some pictures (especially the first ones) the poor Dwarf look undead. But colour correcting with photoshop can do strange things.
Real elder peoples skin looks more grey (that is why old woman who paint their hair black looks scary), they lose pigment in their skin. Maybe by not using grey, but skin colours (or other light brownish/pinkish shades) with less red in them (usually lighter shades) you could get a better result. But if using grey works for you, keep using it.
The shadows in the Dwarfs cloak are quite hard, maybe working it up from browns can let it look more real (or as real as Dwarfs can be).