Well, if your using photoshop have highlights and shadows on seperate layers, and a tint layer (this layer will be the main colour of light) make all these layers transparent by lowering the opacity. Then basically all you need to do is add base colours and extra colours.
If you map out the shadows, highlights and shadow tint it should add dimension to the base colours and you wouldn't really need to go through all the dodge and burn style of shading. This is more of a cell-shading style of colouring through, so the colours will be bold and thick.
It just depends on what style your after, if you want softer shading you can always blur the shadow layers and highlight layers.
I've always used dodge and burn but doing all the highlights and shadows on the one layer doesn't help when you want to change layer styles etc. you really have to experiment with a lot of colouring styles to find what you most like.
I wouldn't say theres a 'best' way to colour just what makes you enjoy it and feel happy about your art.