Yes, you will need some masks, though the ones for the face won't need to be super precise dur to the long hair providing a natural frame for separation. the rest would then only require normal color correction based mostly on using the red channel as an input criterium.
You have to isolate the area you want to change the color. There are a couple of ways to do that. The technique is called rotoscope. You can try the mask tracker and track just the face, then use the mask as compositing options for color effects to change the color of the rest of the shot. This would work if the shot has a transparent background. The other option would be to use RotoBrush or manually rotoscope your footage to isolate the part of the shot you want to manipulate. This project may require that you duplicate the layer at least once and so some compositing and masking to isolate the actor from the background.
If the shot has a white background then you are going to have to do something to isolate the actor from the background before you start. You might be able to do that with a little hand roto and a procedural matte.
If we had more details about the shot and your experience level with AE it would help. To learn about mask tracking, rotobrush or rotoscope type those words in the search Help field at the top right corner of AE and check out the community resources to learn how to use those tools and techniques.