Thanks for the heads-up on petroleum jelly and liquid bandage, I'll remember those.
I'm guessing the best protection for exposed skin of hands and head in winter is to not expose any, but that is probably unrealistic and could eliminate a productive discussion.
I don't mean to derail this thread, but I disagree about covering up totally as being "unrealistic". But it takes dedicated gear. My solution is a neoprene face mask and googles. This will even to some extent work with glases if you are meticuously about a) making sure that the facemask prevents air from your nose to reach your glases and, b) not stressing and take care not to breathe heavily - but really, lenses is the way to go with googles.
Other solutions exist - different face masks, "cold air masks" that heats the air and you name it. Neoprene is the simplest, and it works. A balaclava, scarf or bandana will only work for a limited time in front of your airways before condensation and icing renders them useless.
Most of the time, this isn't nescessary. On foot, a proper hood, hat and something around your neck is plenty about 95% of the time. If you move against strong wind a neoprene mask or equivalent becomes a nescessity.
The only part of your skin that needs to be exposed from time to time is your hands - sometimes there is no way around it, you have to take off your mittens to fix things. If you wear thin inner gloves you can keep the time you have to work bare handed at a minimum. Oh, and only remove one mitten at a time. That way you keep one hand fully operational and minimizes your total heat loss.
Having the gear and knowledge of how to cover your face totally doesn't mean it isn't smart to know what facial creams you can use to protect bare skin. Sometimes, you may find yourself without proper gear, or will prefer to go without it.