Fairy Tale Failure

So I know that I want to write and illustrate a children's book. I've got the plot outlined and I can draw the characters in my sleep. So what do I do next?

First: See what other authors are writing. It's been a while since I've read different children's books, and I need to get a feel for the language again. I can't exactly be writing like Austen and then expect children to pick it up. I have a list of the best of books for children from a senior editor at Arthur A. Levine Books. Now I need to go to the library, check them out, and see what I can take from each and apply towards my own work. I'll record all that here.

Second: Write it out and get the illustrations finished. Easier said than done. The writing shouldn't be too difficult. I've got the plot all set already, and the research of other authors will help me develop my voice. The illustrating is the hard part. Sure I can draw the characters blindfolded, but to set them in a scene? Plus I need to work out what colours will work, which medium to use, and then pray it all looks good.

Third: Send it to a publisher. I know who I want to send it to first. There's the issue of learning how to write a query letter to send with the manuscript, but I'll worry about that later. I have to finish the darn book first!