Everyone's skin is different, but what mostly works for me in preventing bumps and getting a very close shave is this:
1. Do a once over with an electric razor before my shower.
2. In the shower, after I've throughly washed, I use a high quality shaving cream in a tube (I have some from Trader Joe's that's really nice), and shave with a razor with the grain (in the direction the hairs grow).
3. After the shower, while my skin is still warm, I splash my face with hot water, reapply the shaving cream, and using a sharp razor, shave against the grain.
4. Wash my face with cold water. I never use alcohol-based after shave, as that irritates my skin. I apply a moisturizer, which calms it down.
I find if I start against the grain, I will end up with razor burn and ingrown hairs. But shaving with the grain first, and then against the grain, works much, much better for me.
Once a week, before showering, I apply an exfoliating cream on my face; that really seems to help, too.
I use triple blade razors, and keep two: one in the shower, and one at the sink. I rotate them every couple of weeks, throwing out the oldest, and keeping the newest one at the sink for shaving against the grain, and the older one in the shower. When I was shaving my legs with the razors, I had to change them weekly, but now I use an epilator on my legs, and the blades for my face last much longer.
As for cover, I use Dermablend, which I had matched to my skin tone at Macy's.
“What do you fear, lady?” he asked.
“A cage,” she said. “To stay behind bars until use and old age accept them, and all chance of doing great deeds is gone beyond recall or desire.”
― J.R.R. Tolkien, The Return of the King